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Microsoft backs Icahn’s Yahoo revolt

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And the Microsoft/Yahoo saga is back on … Microsoft is now backing efforts to oust the Yahoo board and has hinted that a boardroom revolution may open the way for renewed acquisition negotiations.

Activist investor Carl Icahn is leading the fight to replace the Yahoo board when the shareholders meeting takes place on 1 August, having bought up huge quantities of Yahoo shares.
However, until yesterday, there was no guarantee that Microsoft was interested in renewing its bid, having walked away from the negotiating table to months ago.
Now, the software giant says a successful shareholder revolt that replaces the nine-man Yahoo board would encourage it to renew its bid for either Yahoo's search business or the whole company.
Icahn has sent a letter to shareholders disclosing that he has been holding frequent meetings with Microsoft CEO Steve Ballmer.