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Investor launches Yahoo challenge Investor launches Yahoo challenge
(20 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.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. Mr 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. Mr Icahn wants to buy an additional $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. 'Unconscionable'
Yahoo had wanted Microsoft to increase its bid of $33 a share to $37. 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 to buy the company.
Microsoft has already said that - despite rumour of it possibly making another move later in the year - talks with Yahoo are over. Yahoo had wanted Microsoft to increase its bid of $33 a share to $37 a share.
Instead it has pledged to go it alone in trying to establish a presence in the world of search. Mr Icahn said it was "unconscionable" that the firm had not put the decision to shareholders, saying the offer was a 72% premium to the value of Yahoo shares before the bid was tabled.
"I and many of your shareholders strongly believe that a combination between Yahoo and Microsoft would form a dynamic company and more importantly would be a force strong enough to compete with Google on the Internet," Mr Icahn said.
Microsoft has now said that, contrary to rumours of it possibly making another move later in the year, talks with Yahoo are over.
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.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.