Feeds

Yahoo! faces battle for the board

Icahn! launches! proxy! war!

Security for virtualized datacentres

Yahoo! might not have escaped the clutches of Microsoft after all.

Activist investor Carl Icahn has confirmed he will fight to take over Yahoo!'s board of directors in order to force through a takeover by Microsoft.

Icahn, who succeeded in getting board seats at Motorola, today named the ten people he would like to see replace Yahoo's current board of directors.

He described Yahoo!'s recent decision to reject Microsoft's offer for the company as "irrational". The letter, addressed to Yahoo!'s chairman Roy Bostock, said: "It is clear to me that the board of directors of Yahoo has acted irrationally and lost the faith of shareholders and Microsoft. It is quite obvious that Microsoft’s bid of $33 per share is a superior alternative to Yahoo’s prospects on a standalone basis." He said that he, and many shareholders, believed that a combined Microsoft/Yahoo would be a dynamic company and strong enough to compete with Google.

Icahn has now bought 59m Yahoo! shares and asked the Federal Trade Commission for clearance to acquire up to $2.5bn of Yahoo! stock.

What is not clear from the letter is whether Icahn has spoken to Steve Ballmer or anyone else at Microsoft. Microsoft withdrew its offer of $47.5bn because Yahoo! demanded another $5bn. In his letter Ballmer ruled out taking the offer directly to Yahoo! shareholders - the strategy which Icahn is now banking on.

He attached the biographies of his proposed directors - these include Mark Cuban, who sold broadcast.com to Yahoo! for $5bn, venture capitalist Adam Dell and Edward Meyer.

The full letter is here.

Icahn's proposal is likely to go to what promises to be a stormy Yahoo!'s shareholder meeting on 3 July. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.