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. No move as Yahoo deadline expires ...
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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.
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 (Ј24.4bn) 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.
(BBC)
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