Yahoo's Defensive Stance: Microsoft 'Inconsistent' in Bid

Company gives take on negotiation as clock ticks on Icahn proxy fight
By Nick McMaster,  Newser Staff
Posted Jun 30, 2008 4:34 PM CDT
Yahoo is trying to fend off a bid by investor Carl Icahn to replace its board of directors.   (AP Photo)
camera-icon View 2 more images

(Newser) – As it tries to fend off investor Carl Icahn's attempt to replace its board of directors, Yahoo today presented its version of buyout negotiations with Microsoft to shareholders, MarketWatch reports. Yahoo portrayed Microsoft as “unresponsive, inconsistent,” and loose on logistic details of the proposed merger. "The record casts doubt on whether Microsoft was ever committed to a whole company acquisition," its report said.

Yahoo's board is desperate to convince shareholders who would’ve been happy with the initial $33-per-share offer that Yahoo was merely negotiating for more money when Microsoft pulled out. Critics have claimed that Yahoo was uncooperative in the merger talks; Yahoo fired back that Icahn's plan was "ill-defined" and bent on a sale to Microsoft. (Read more Yahoo stories.)