subscribe: Daily Newsletter

 

Icahn takes on Yahoo board

0 comments

Activist investor Carl Icahn has come out with all guns blazing, nominating a full 10 members to Yahoo's board that he hopes will replace the existing board at the company's shareholder's meeting on 3 July. 

Icahn is hoping to force Yahoo back to the negotiating table with Microsoft after takeover talks fell through earlier this month.
But the Yahoo board says Icahn has misunderstood the nature of the takeover bid as well as the reasons that Yahoo rejected it.
There is also some concern that, while a group of investors could force Yahoo back to the negotiating table, Microsoft may no longer be interested.
Icahn this week bought 59-million Yahoo shares to facilitate his board takever bid. He is attempting to gain clearance to allow him to buy $2,5-billion of Yahoo shares, which would give him 7% of the company.