Updated from 3:44 p.m. EDT
Carl Icahn is treading over familiar ground, formally launching a proxy fight in a move to replace 10 seats on Yahoo!'s (YHOO Quote) board of directors.
In a letter to Yahoo!'s Chairman Roy Bostock Thursday, Icahn said the Internet search giant "acted irrationally" and has lost the faith of shareholders and Microsoft (MSFT Quote), which tried to acquire the company at a price of $33 a share, an offer that Yahoo!'s management said was too low.
Icahn said that many investors have expressed dissatisfaction with Yahoo! for failing to reach a merger agreement with Microsoft, pushing him to lead a proxy battle against the company's board. Microsoft has given no indication that it would be interested in reviving talks with Yahoo!, as many shareholders have been hoping. Still, a vote to oust the Internet giant's current board could at least get the conversation going again. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
19.14
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-1.72%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |
Connect with TheStreet