Carl Icahn, the billionaire investor, has unleashed a proxy fight to remove the Yahoo board and resurrect a takeover bid for the internet company by Microsoft. In a letter to Roy Bostock, Yahoo’s chairman, Icahn said the board had “completely botched” negotiations with Microsoft. He listed 10 directors he was nominating to stand against it at its annual meeting on July 3. The 72-year-old head of Icahn Capital broke cover after heavy buying of Yahoo shares in recent days. He said he had bought more than 4% of the company and had sought US antitrust clearance to acquire up to $2.5bn, or 7%, of Yahoo stock. With logic on his side, notes Lex, Icahn has a shot at victory. Read the Icahn letter at FT Alphaville, and a separate FT analysis of the fight for Yahoo.

This entry was posted by Gwen Robinson on Friday, May 16th, 2008 at 5:44 and is filed under Capital markets, M&A, People. Tagged with carl icahn, yahoo. Edit this entry.