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Yahoo Snubs Microsoft-Icahn Takeover Bid
Says new offer was better, but still not in shareholders' interest
By Matt Cantor
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Posted Jul 13, 08 6:20 AM CDT
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(Newser)
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Yahoo has rejected another takeover push, this time from Microsoft and investor Carl Icahn, the Wall Street Journal reports. The bidders gave the Internet giant less than 24 hours to decide on an offer that would sell its search component to Microsoft and the rest of the company to Icahn in a move that would have required Yahoo to dump its current board.
“This odd and opportunistic alliance of Microsoft and Carl Icahn has anything but the interests of Yahoo's stockholders in mind,” said Yahoo chair Roy Bostock, albeit noting that the latest offer did mark an improvement on Microsoft's prior bid. But Yahoo remains open to a possible takeover, offering to sell itself for $33 a share or to sell just its search branch—offers Microsoft rejected.