Yahoo Says Icahn Doesn't Understand Full Picture

Billionaire investor launches bid to oust board
By Kevin Spak,  Newser Staff
Posted May 15, 2008 9:28 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) – Hours after Carl Icahn began his quest to take over Yahoo’s board, the company issued a statement saying he has a "significant misunderstanding" of the recent Microsoft purchase offer, the Wall Street Journal reports. Icahn wants to unseat the current Yahoo board, replace it with one of his own, and force the company to try to forge a deal with Microsoft.

Icahn's view "reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal," said Yahoo.