This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7403006.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Investor launches Yahoo challenge | Investor launches Yahoo challenge |
| (10 minutes later) | |
| The billionaire investor Carl Icahn has launched a battle to topple the Yahoo board and replace its 10 members with his own slate of directors. | |
| My Icahn said in a letter to Yahoo that it was clear the board had acted "irrationally" in its dealings with Microsoft, which tried to buy it. | My Icahn said in a letter to Yahoo that it was clear the board had acted "irrationally" in its dealings with Microsoft, which tried to buy it. |
| Shareholders will now get the choice between the two boards at the annual meeting on 3 July. | Shareholders will now get the choice between the two boards at the annual meeting on 3 July. |
| Mr Icahn now wants to buy an addiitonal $2.5bn worth of Yahoo shares. | |
| The manoeuvre follows much anger and criticism over Yahoo's decision, led by co-founder and chief executive Jerry Yang, to turn down Microsoft's $47.5bn (£24.4bn) offer earlier this month to buy the company. | |
| Yahoo had wanted Microsoft to increase its bid of $33 a share to $37. | |
| Microsoft has already said that - despite rumour of it possibly making another move later in the year - talks with Yahoo are over. | |
| Instead it has pledged to go it alone in trying to establish a presence in the world of search. | |
| Mr Icahn has reportedly spent more than $1bn to buy about 50 million Yahoo shares - a 3.6% stake - allowing him to increase the pressure on Yahoo's board. |