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What are the odds that the U.S. economy will head into a recession in 2008?May 15, 2008 Icahn Launches Yahoo Proxy FightBillionaire activist Carl Icahn has launched a proxy contest to unseat Yahoo's board, writing in a letter to Chairman Roy Bostock that "the board of directors of Yahoo has acted irrationally and lost the faith of shareholders."
Yahoo's board is under fire for allowing Microsoft to walk away from a deal to buy Yahoo for $33 a share. Icahn has amassed roughly 50 million Yahoo shares in the days since Microsoft withdrew its offer.
Icahn has nominated 10 new directors that include himself, Keith Meister, Dallas Mavericks owner Mark Cuban, former Viacom Chief Executive Frank Biondi, Harvard Law Professor Lucian Bebchuk, John Chappel, Adam Dell, former Grey Global Group president Edward Meyer, Brian Posner, and Robert Shaye. Biondi has worked with Icahn on other proxy fights.
"It is quite obvious that Microsoft's bid of $33 per share is a superior alternative to Yahoo's prospects on a standalone basis," Icahn wrote, adding that "it is irresponsible to hide behind management's more than overly optimistic financial forecasts." He called it "unconscionable" that the board didn't put the offer to a shareholder vote.
"I and many of your shareholders strongly believe that a combination between Yahoo and Microsoft would form a dynamic company and more importantly would be a force strong enough to compete with" Google.
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