Billionaire investor Carl C. Icahn intends to move ahead with plans for a proxy fight at Web giant Yahoo, sources tell The New York Times
. Icahn will propose a full slate of ten replacements to
the company's board at Yahoo's next shareholder meeting in July. Today is the deadline for nominating a dissident slate.
According to the Times
, Icahn wants to restart talks about a
possible sale to Microsoft, although Microsoft has given no indication that it's still interested. Analysts said Icahn's decision to try and oust the entire Yahoo board is a risky one, adding that he
might have a better chance proposing a smaller slate. However, per the proxy rules, Icahn can reduce can reduce his slate later.
Yahoo shareholders are unhappy with the current Yahoo board
for refusing to sell to Microsoft at $33 per share, the software giant's final bid price before walking away from the deal on May 3. Yahoo again refused to sell, claiming a value of at least $37 per
share. Microsoft's withdrawal sent Yahoo shares tumbling.
Read the whole story at The New York Times »