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July 25, 2008 10:37:45 PM CDT

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Icahn Grabs Yahoo Stake, Could Try to Force Sale

Posted May 13, 08 5:39 PM CDT in Business 

(Newser) – A new player has entered the Microsoft-Yahoo epic, the Wall Street Journal reports: billionaire investor Carl Icahn. He has bought about a 4% stake in Yahoo since Microsoft withdrew its offer to buy on May 3. Icahn will decide by tomorrow whether to launch an attempt to take over Yahoo's board and perhaps force a sale.

Hedge-fund managers are also watching Icahn's efforts, the Journal notes, as they decide whether to join a fight—even though there's no assurance Microsoft would make another offer. Though a Yahoo spokesman had no comment, sources told the Journal its leaders are confident they have enough investor backing to fend off such a challenge.

Source Wall Street Journal

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Yahoo executives are confident they could fend off an attempt by Carl Icahn to wrest control of the company's board of directors.   (AP Photo/Paul Sakuma)
Investor Carl Icahn has bought a 4% stake in Yahoo and could be planning to attempt a proxy takeover of its board, perhaps to force a sale.   (AP Photo/Mark Lennihan, file)
Investor Carl Icahn is set to decide by tomorrow whether to launch a proxy battle for control of Yahoo's board of directors.   (AP Photo/Mark Lennihan, file)
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