Icahn Seeks Yang's Removal At Yahoo; Yahoo 'Not Aware' Of $40 Offer
This story was written by Joseph Weisenthal.
This is not much of a surprise, given that he's proposing a totally new board slate, but Carl Icahn is pushing to have Yahoo (NSDQ: YHOO) CEO Jerry Yang removed, he told WSJ in an interview. He added that he will make a concrete public statement in the coming days, clarifying his frustrations with Yang and the Yahoo board. On the fresh details that emerged yesterday about Yahoo's severance plan poison pill, Icahn said: "How can Yahoo keep saying they're willing to negotiate and sell the company on the one hand, while at the same time they're completely sabotaging the process without telling anyone." He added that he will make a concrete public statement in the coming days, clarifying his frustrations with Yang and the Yahoo board. As for his ultimate goal of getting Microsoft back to the table and making a full offer for Yahoo, Icahn suggested that Microsoft management is distrustful of Yang, and that with him out of the picture, they could come back to the deal.
While the company has been quiet responding to the latest developments, this is noteworthy point from the report: "A Yahoo spokesman declined to comment on Mr. Icahn's moves, but cast doubt on some of the details in the lawsuit, saying that Yahoo was "not aware" of a previous $40-a-share offer from Microsoft (NSDQ: MSFT) that the court papers referred to."
The article also notes that the Yahoo board is meeting today.
More to come
By Joseph Weisenthal