Icahn going after Yahoo board
Carl Icahn is going after Yahoo (YHOO). The billionaire investor is launching a proxy fight seeking to replace the Internet company’s entire 10-member board, The Wall Street Journal reports, citing a person close to the matter. The decision comes ahead of Thursday’s deadline for nominating alternative board slates, as Fortune’s Yi-Wyn Yen notes. The Journal reports that Icahn approached Microsoft (MSFT), which earlier this month withdrew an unsolicited $44 billion bid for Yahoo after failing to reach an agreement on price, about restarting deal talks, but that Microsoft didn’t respond. Icahn has bought 50 million Yahoo shares since Microsoft withdrew its bid, which perhaps helps to explain why Yahoo shares haven’t fallen back to preproposal levels since the bid got yanked. If history is any guide, we should soon hear Icahn’s views on Yahoo’s situation and the failings of its top officials in great detail.
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