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Icahn: Yahoo Completely Botched Microsoft Merger; Threatens Board Proxy War
Carl Icahn is adding to his reputation as a boardroom bully.
In a letter to Yahoo Inc. (YHOO) Chairman Roy Bostock, the billionaire investor threatened to seek control of the board and resuscitate takeover talks with Microsoft Corp. (MSFT).
Two weeks ago, Yahoo Chairman of the Board and co-founder Jerry Yang rebuffed Microsoft $47.5 billion (or $33 a share) bid, sending shares down $4.43 (or 15%) to $24.24. That of course didn’t bode well for Icahn, who said he owns 59 million Yahoo shares.
“The board of directors of Yahoo has acted irrationally and lost the faith…
17May2008 | Money Morning | Comments Off | Continued
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