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Reports: Carl Icahn considering attempt to oust Yahoo board
posted 6:23 pm Tue May 13, 2008 - SAN FRANCISCO
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Billionaire investor Carl Icahn reportedly is snapping up Yahoo stock in preparation for a possible attempt to replace the Internet company's board after the directors turned down Microsoft (web|news|quote) 's $47.5 billion takeover offer.Icahn has bought as many as 50 million Yahoo shares, both CNBC and The Wall Street Journal reported Tuesday. That would give Icahn a 3.6 percent stake in the Internet pioneer. The financier, who didn't immediately return calls seeking comment, is known for shaking up slumping companies. He could spearhead a campaign to oust Yahoo's 10 directors for not accepting Microsoft Corp. s final offer of $33 per share.
The deadline for nominating an alternate slate of directors to Yahoo's board is Thursday.
The deadline for nominating an alternate slate of directors to Yahoo's board is Thursday.
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