Icahn recommends Yahoo set a $49.5B sale price
Hoping to negotiate a compromise, activist investor Carl Icahn urged Yahoo Inc. to declare it is willing to accept a takeover offer of $49.5 billion — about $2 billion above Microsoft Corp.'s last bid for the Internet pioneer.
Icahn recommended the price tag, which works out to $34.375 a share, in a letter he sent Friday to Yahoo Chairman Roy Bostock.
It marks the first time that Icahn has publicly indicated what price he has in mind as he tries to force Yahoo's sale before the Sunnyvale-based company's annual meeting on Aug. 1.
If a deal isn't done before August, Icahn will try to replace Yahoo's board with a slate of his own directors and then fire company co-founder Jerry Yang as chief executive.
Should the mutiny succeed, Icahn said Friday he would then hire a "talented and experienced" CEO in the mold of Google Inc.Chairman Eric Schmidt before trying again to sell Yahoo to Microsoft.
Yahoo said it would be "ill-advised" to publicly set a specific sales price.
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Member Comments
Posted By: bbwolf2006 @ 05/17/2008 4:18:40 PM
Comment: i think YAHOO will be bought by Microsoft in the future not long.
Posted By: bbwolf2006 @ 05/17/2008 4:17:24 PM
Comment: i think YAHOO will be bought by Microsoft in the future not long.
Posted By: hope-3 @ 05/15/2008 9:42:00 PM
Comment: Poor yang such a sentimental fool I guess no one ever told him he was working for the shareholders.Lets see if yang can hold off icahn.