Ichan Proceeds With Attempt to Change Yahoo Board


It seems that Yahoo’s recent rejections of a Microsoft offer with a short deadline, has spurred on investor Carl Icahn to proceed with his attempt to replace Yahoo’s current board, including Chief Executive Jerry Yang.

In a note written to Yahoo shareholders Icahn said, "Our company is on a precipice and our board seems ready to take the risk of seeing it topple".

Yahoo Chairman Roy Bostock and Chief Executive Jerry Yang wrote, "We are prepared to let you, our stockholders, not Microsoft and Carl Icahn, decide what is in your best interests and we look forward to the upcoming vote".

Recent gains that Yahoo stock had made on hopes that Ichan could broker a deal fell 4.2% on Monday’s trading.

It seems the showdown is on for the August 1st shareholders vote. You can catch more details here .

Will Yahoo be assimilated? Is resistance futile? Sound off, and tell us what you think!

(Image Credit: users.bigpond.net.au/dax)

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