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 5/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/top5
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Thursday, May 15, 2008 --- 51 days ago http://www.portfolio.com/news-markets/top-5/2008/05/15/Yahoo-Responds-to-Icahn?r
| Jerry Yang stared Steve Ballmer down. But can he do the same with Carl Icahn? Yahoo , the embattled web giant, defiantly dismissed financier Icahn's last-minute move to elect a rival slate of directors and revive merger talks with Microsoft . In a response issued late Thursday, Roy Bostock , Yahoo's chairman, pledged to fight Icahn's hostile bid and accused the financier of a "significant misunderstanding of the facts." Bostock said Yang and Yahoo's board are "the best and most qualified group to maximize value for all Yahoo stockholders." Earlier Thursday, Icahn unveiled his slate of directors, including Frank J. Biondi, Jr., the former CEO of Viacom, and web billionaire Mark Cuban, the owner of the Dallas Mavericks. In a letter to Roy Bostock, Icahn accused Yahoo's management and board of acting "irrationally" and losing the faith of both Yahoo and Microsoft shareholders. "It is quite obvious that Microsoft's bid of $33 per share is a superior alternative to Yahoo's prospects on a standalone basis," Icahn wrote. "It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72% premium over Yahoo's closing price of $19.18 on the day before the initial Microsoft offer." But Bostock rejected Icahn's argument, pointing out that Microsoft has formally withdrawn its bid for the company. Microsoft withdrew its $33 per share bid after Yahoo refused to budge from its $ ... |
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