Icahn Moves on Yahoo

15 May 2008

SUNNYVALE, California: Just when Yahoo thought it was safe to go back in the water after seeing-off the menace of Microsoft, the dorsal fin of billionaire corporate raider Carl Icahn now threatens the hapless internet portal.

Icahn's associates say he has bought up to 50 million shares in Yahoo with the intention of ousting the company's entire board and replacing it with ten of his own candidates.

He will have to act fast – the deadline for nominating alternative directors is today, Thursday.

According to Icahn groupies, he has no long-term interest in Yahoo other than to rekindle Microsoft's interest in acquiring the company.

However, these insiders say he has received no assurance from the software titan it will reinstate takeover negotiations following the withdrawal two weeks ago of its $47.5 billion (€30,7bn; £24.4bn) offer.

However, there are suitors other than Microsoft into whose arms Icahn would be happy to deliver Yahoo in return for a massive personal killing. 

Like the movie, this one will run and run. Watch this space for further news of Jaws 2, 3 and 4.

Data sourced from New York Times; additional content by WARC staff