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Icahn Wants to Unseat Entire Yahoo Board

Thursday, May 15, 2008
By bMighty.com Staff

Billionaire investor Carl Icahn wants to completely replace Yahoo's board after the current spate of directors turned down Microsoft's bid for acquisition.
letter sent today to Yahoo chairman Roy Bostock, Icahn called the board's actions irrational, irresponsible and unconscionable. "A number of shareholders have asked me to lead a proxy fight to attempt to remove the current board and to establish a new board which would attempt to negotiate a successful merger with Microsoft, something that in my opinion the current board has completely botched," he wrote.

Among the slate of directors Icahn is nominating: himself, Icahn Enterprises' Keith Meister, Dallas Mavericks owner Mark Cuban, former Viacom CEO Frank Biondi Jr. and New Line Cinema co-chairman Robert Shaye.

Icahn owns roughly 59 million Yahoo shares, worth more than $1.5 billion and representing a stake in the comany of roughly 3.6 percent, plus he's seeking antitrust clearance from the Federal Trade Commission to acquire another $1 billion more. No word (yet) from Yahoo, whose board meets for its annual meeting July 3.

In a letter sent today to Yahoo chairman Roy Bostock, Icahn called the board's actions irrational, irresponsible and unconscionable. "A number of shareholders have asked me to lead a proxy fight to attempt to remove the current board and to establish a new board which would attempt to negotiate a successful merger with Microsoft, something that in my opinion the current board has completely botched," he wrote.

Source(s): TheStreet.com, The Los Angeles Times

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