Icahn says Yahoo 'sabotaged' Microsoft bid
Investor Carl Icahn said the best chance for the Internet giant would be to replace the current board and CEO Jerry Yang to revive the Microsoft bid. The Yahoo battle
By Agencies |
NEW YORK: Billionaire investor Carl Icahn has stepped up his criticism of Yahoo, saying its board and top management sabotaged a takeover bid from Microsoft to the detriment of shareholders.
In a statement released after details emerged from a shareholder lawsuit, Icahn said the "best chance" for the struggling Internet giant would be to replace the current board and chief executive Jerry Yang to revive the Microsoft bid.
Icahn, citing details from the legal complaint against Yahoo, said he believes Yang and the board have been deceitful in their previous negotiations with Microsoft.
In a statement released after details emerged from a shareholder lawsuit, Icahn said the "best chance" for the struggling Internet giant would be to replace the current board and chief executive Jerry Yang to revive the Microsoft bid.
Icahn, citing details from the legal complaint against Yahoo, said he believes Yang and the board have been deceitful in their previous negotiations with Microsoft.
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"Most importantly, Microsoft might never be able to trust a CEO and board who, while claiming to be negotiating in good faith, went behind their back and adopted a 'plan' which not only sabotages any Microsoft acquisition but went so far as to completely disable its own ability to rescind the 'plan' as long as Microsoft's offer remains pending," Icahn said.
The plan that Icahn refers to relates to an employee retention mechanism the complaint said was put in place "to sabotage a Microsoft bid," according to the statement.
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