Yahoo Says Icahn Doesn't Understand Full Picture

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. (More Carl Icahn stories.)