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Yahoo, Icahn Trade More Letters

Friday, June 6, 2008
By bMighty.com Staff

In yet another letter sent to Yahoo chairman Roy Bostock, investor Carl Icahn has accused Yahoo CEO Jerry Yang and the Yahoo board of creating and activating a James Bond-like "self-destructive doomsday machine."

Icahn, who is waging a proxy fight with the search company, said Yahoo should publicly offer to sell itself to Microsoft for $34.375 a share; if that proved unsuccessful, Yahoo should then pursue a deal with Google, he said. In his letter, Icahn also spoke out against Yahoo's "poison pill" severance plan, "which would free up approximately $2.4 billion and possibly even more which, could be added to the bid," he wrote.

For its part, Yahoo said Icahn's letter "grossy misrepresents and manipulates the facts" and that he has done nothing in the way of coming up with any plan of his own. That "causes one to wonder what exactly would happen to our Company if you and your nominees were to take control of Yahoo!," the letter states.

Source(s): The Wall Street Journal, The Register

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