Icahn to Move Ahead With Yahoo Proxy Fight

Billionaire has lined up 12 people for a new board
By John Johnson,  Newser Staff
Posted May 14, 2008 6:36 PM CDT
In this Oct. 11, 2007, file photo, private equity investor Carl Icahn speaks at the World Business Forum in New York.    (AP Photo/Mark Lennihan, file)
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(Newser) – Billionaire investor Carl Icahn will move ahead with his plan to unseat Yahoo's current board of directors and force a sale to Microsoft, Reuters reports. Icahn, who has bought about 50 million Yahoo shares since Microsoft withdrew its offer May 3, has lined up 12 members for his dissident board ahead of tomorrow's deadline. The move is risky because Microsoft has given no indication whether it will renew its offer for a new board.

"There's a reasonable chance that Icahn can be successful," said one portfolio manager. "There's a lot of shareholder unhappiness right now."