Fallout continues over the Microsoft Yahoo takeover bid.
By Andrew Redfern @ 15th May 2008 3:43 pm
The BBC are reporting that a major investor in Yahoo! has launched a takeover bid aimed at replacing the current board. Carl Icahn who already owns 3.6% of Yahoo’s stock is seeking to by two and half billion USD worth of shares after the company’ board failed to accept Mircosoft’s takeover offer.
According to the BBC “Mr Icahn said in a letter to Yahoo that it was clear the board had acted ‘irrationally’ in its dealings with Microsoft, which tried to buy it. Shareholders will now get the choice between the two boards at the annual meeting on 3 July.”
Elsewhere in the letter Mr Icahn states “I and many of your shareholders strongly believe that a combination between Yahoo and Microsoft would form a dynamic company and more importantly would be a force strong enough to compete with Google on the Internet”
Read the full article here Investor launches Yahoo challenge
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Other Related Stories That May Be Of Interest:
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- The Times : Yahoo! set to revive merger talks with AOL after rejecting hostile takeover.
- Microsoft Respond To Carl Icahn Letter
- Reuters : Yahoo board may be duty bound to accept Microsoft deal
- Yahoo! Response to Carl Icahn and Microsoft
- Microsoft sends Letter to Yahoo! Board of Directors
- Yahoo! Rejects Microsoft/Icahn Proposal
- Yahoo board receives vote of confidence from shareholders
- Icahn: Open Letter to Shareholders of Yahoo
- Rumours fly of Microsoft making $15 billion bid for Facebook
