Carl Icahn begins proxy bid for Yahoo

Yahoo, fresh off the Microsoft rollercoaster, is about to find itself in the midst of yet another takeover bid. Carl Icahn, the world’s 46th richest man, is about to begin a proxy bid for the internet giant. The mogul has nominated a board of 10 people to replace the current Yahoo board of advisers. In a letter to Yahoo’s current chairman Roy Bostock, Icahn takes the existing board to task for mishandling the Microsoft takeover bid, promising more efficient and successful management if his 10 member board is installed. Icahn goes on to promise a successful merger negotiation with Microsoft if his proxy bid is successful, which he hopes to execute during the Yahoo board’s planned July 3rd meeting. This is a bit of an unexpected move, but Icahn has consistently demonstrated a willingness to act aggressively and decisively, something Yahoo is currently in dire need of.


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