Icahn And Ballmer Plot Yahoo Overthrow

It seems that in some back room someplace, Carl Icahn and Steve Ballmer are plotting to overthrow Jerry Yang and the Yahoo board. Icahn for his part posted a letter to shareholders detailing that he has the support of Microsoft:

“Steve (Ballmer) made it clear to me that if a new board were elected, he would be interested in discussing a major transaction with Yahoo, such as either a transaction to purchase the ‘Search’ function, with large financial guarantees or, in the alternative, purchasing the whole company.”

Microsoft then backed up what Icahn said in a letter of their own:

“While, of course, there can be no assurance of a future transaction, we will be prepared to enter into discussions immediately after Yahoo’s shareholder meeting, if a new board is elected.”

So it sounds like Microhoo may be back on in some way shape or form if Icahn gets his way. Yahoo didn’t waste any time in responding to all of this:

“If Microsoft and Mr. Ballmer really want to purchase Yahoo!, we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it.”

It almost sounds like Yang and company are trying to make things happen so that he can save his skin maximize shareholder value.

It should be intersting to see what happens next.

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