• Cnet , Thursday, December 4, 2008 10:30 AM

Billionaire investor and Yahoo board member Carl Icahn told CNBC on Wednesday that he opposes selling a portion of Web giant, whose stock he thinks is undervalued. "I don't think there is very much to having a partial bid for the company, at least as a large shareholder," Icahn said, addressing rumors that former AOL chief Jonathan Miller was trying to raise money to acquire all or part of Yahoo. Icahn purchased an additional 7 million shares in the company last week.

Miller thinks he could acquire the company for between $20 and $22 per share. Microsoft of course offered as much as $33 per share in negotiations earlier this year, a price which was refuted by Yahoo. Of course, that was a long time ago now, when Yahoo was trading closer to $20 than $10.

"Right now I would be against that and I pretty much told Jonathan that," Icahn said. "I think the stock is very undervalued." Icahn added that he had not spoken with other board members about a partial sale, though he believes they would agree with him. As for Jerry Yang's replacement as Yahoo CEO, Icahn said the company needed "a hard-nosed, cost-cutting kind of guy." He did not mention any candidates. If Miller's takeover bid proves successful, he would assume the post. Icahn also added that he would like to see a search deal worked out with Microsoft.

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