Billionaire looking to replace Yahoo board
15th May 2008 | 09:54
Will Microsoft snub lead to sweeping change?
A billionaire has indicated that he will offer alternative directors to the entire Yahoo board, following the controversial decision to oppose a takeover by Microsoft.
Microsoft’s decision to walk away from a massive $47.5 billion (£24bn) bid for its rival prompted anger from shareholders, and Carl Icahn has subsequently bought 50 million shares and has reportedly suggested that he may look to oust the board.
Icahn haz cheesburger?
Icahn, a billionaire with plenty of experience at massive corporate takeovers, has until May 15 to nominate potential new board members for the shareholder meeting on July3.
Microsoft CEO Steve Ballmer and departing supremo Bill Gates have both now indicated that they will concentrate on firming up their own online presence rather than continuing with the Yahoo takeover – but that could change if a new board is in place.
The Redmond-based company is keen to compete with internet giant Google, which has quickly become the most identifiable brand in the world, and although an amalgamation with Yahoo would far from guarantee parity, it would create a fearsome virtual internet duopoly.