Technology news and Jobs 
Information Technology News Icahn leaves Yahoo! board and takes a bath
Information Technology News Icahn leaves Yahoo! board and takes a bath | Icahn leaves Yahoo! board and takes a bath |
|
| by Stephen Withers | |
| Tuesday, 27 October 2009 | |
|
Page 1 of 3   
Featured Whitepaper
5 Best Practices for Smartphone Support
Icahn threatened a proxy battle when Microsoft walked away from its offer, a move that apparently encouraged Microsoft to open negotiations for a deal that didn't involve the full acquisition of its target. Yahoo's board initially adopted a 'put up or shut up' stance, issuing a statement that concluded "If Microsoft and Mr. Ballmer really want to purchase Yahoo!, we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it." Microsoft said its subsequent proposal to purchase Yahoo!'s search business - but not the entire company - was made at the request of Yahoo! chairman Roy Bostock. Bostock claimed Microsoft and Icahn gave his board less than 24 hours to consider "a 'take it or leave it' proposal", but Microsoft said he "mischaracterized" the proposal, which was merely intended to form the basis for detailed discussions. Bostock and Yahoo! co-founder Jerry Yang told shareholders that "Icahn has made it clear that his only objective is to sell part or all of Yahoo! to Microsoft. That fact, combined with his lack of an operating plan going forward, means that he will have no leverage to negotiate a fair deal with Microsoft." But a deal did emerge - see page 2. |
| < Next story in category | Previous story in the category > |
|---|
