Carl Icahn announces bid to replace Yahoo Board

Yahoo might have escaped the Microsoft’s claws but they are now stuck in an even bigger problem.

Billionaire investor Carl Icahn has announced his bid to replace the board of members at the internet media giant.

Icahn said that he is taking this step because Yahoo completely messed up in their talks with Microsoft over a possible acquisition deal.

He wrote in a letter to Yahoo that he now owns around 59 million shares of Yahoo which comes to around 4% ownership of the company.

Icahn has also formed a 10-person slate which would now take on the existing board at Yahoo.

Icahn added in his letter to Yahoo: “It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72 percent premium over Yahoo’s closing price of 19.18 dollars on the day before the initial Microsoft offer”.

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