Yahoo said it had rejected an attempt by Microsoft and Carl Icahn, the activist investor, to replace its board immediately and buy its search business, condemning the joint move as an “odd and opportunistic alliance”. Their apparent move was an unusual pre-emptive strike ahead of Yahoo’s annual meeting, where Mr Icahn is bidding to replace the Yahoo board. If successful, Mr Icahn will try to sell Yahoo to Microsoft, which abandoned a $47.5bn bid for the company on May 3.
Yahoo’s statement: “Yahoo suggests Microsoft make a proposal to acquire whole company”
