Yahoo has turned down yet another takeover bid from Microsoft, this time with the backing of investor Carl Icahn, who currently owns five per cent the firm.
This time the deal would have broken up the firm, leaving Microsoft with Yahoo’s search engine and Icahn with the rest. It would also have resulted in the decapitation of the firm’s leadership, with the immediate dismissal of the entire board and top level management.
Citing the fact that it was only given 24 hours to respond and no opportunity to negotiate on any of the terms, Yahoo responded in a statement saying: “It is ludicrous to think that our board would accept such a proposal."
Yahoo’s chairman Roy Bostock went on to say: “This odd and opportunistic alliance of Microsoft and Carl Icahn has anything but the interests of Yahoo!’s stockholders in mind."
Yahoo will hold its annual meeting on August 1st, when Icahn is expected to attempt to replace the current leadership with new directors of his own choosing, presumably in a bid to facilitate a future takeover attempt.