Yahoo Doesn’t Share Market Enthusiasm for Icahn’s Plan
ADOTAS – It was so NOT that time of the month: Yahoo Inc. chairman Roy Bostock rejected billionaire Carl Icahn’s assertion that the company acted “irrationally” when it recently rejected Microsoft’s $47.5 billion takeover bid.
Bostock added that Yahoo is open to negotiating a deal with Microsoft or another buyer – at the right price.
So … what’s next? Well, it’s clear that Jerry Yang isn’t giving up the company he built from the ground without a fight. Icahn, who owns about 10 million shares of Yahoo and has options to buy another 49 million, in a public letter to Bostock yesterday named his 10-member dream team to replace the Internet company’s current board at its annual July 3 meeting – and force a merger between Microsoft and Yahoo.
Investors and analysts are signaling support for Icahn’s plan to forge a new board and re-open talks with Microsoft, but Yang and Bostock don’t share their enthusiasm.
“We do not believe it is in the best interests of Yahoo stockholders to allow you and your hand-picked nominees to take control,” Bostock wrote in a public letter to Icahn.
No word so far from Icahn or Microsoft on the latest development in the saga.
After rallying several percentage points yesterday, Yahoo’s stock was down 0.25% to $27.68 as of 1:03 p.m. Microsoft’s stock was also down – 1.38% to $30.03.
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