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| Version 2 | Version 3 |
|---|---|
| Investor launches Yahoo challenge | Investor launches Yahoo challenge |
| (about 1 hour 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. |
| 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. | 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 wants to buy an additional $2.5bn worth of Yahoo shares. | Mr Icahn wants to buy an additional $2.5bn worth of Yahoo shares. |
| 'Unconscionable' | 'Unconscionable' |
| 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. | 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. |
| Yahoo had wanted Microsoft to increase its bid of $33 a share to $37 a share. | Yahoo had wanted Microsoft to increase its bid of $33 a share to $37 a share. |
| 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. | 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. | "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 already said that, contrary to rumours of it possibly making another move later in the year, talks with Yahoo are over. | |
| Mr Icahn has reportedly already 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. |