Shareholder Carl Icahn tries to force Yahoo! to accept Microsoft bid

by admin May 16, 2008 at 12:54 pm

Carl Icahn, the billionaire activist investor, has launched a boardroom coup against Yahoo!, threatening to oust its founder and seeking to force the online search engine to accept a $47 billion (£24.1 billion) offer from Microsoft.

Mr Icahn, who has built a career taking stakes in companies whose share price is weak, and threatening them to compel a change of strategy, has spent $1 billion acquiring a 4 per cent stake in Yahoo! in the past few weeks and has nominated ten directors to the internet company’s board.

He is also seeking regulatory permission to more than double his stake to boost his chances of forcing Yahoo! to yield to his demands.

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