Monday, April 21, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Sharp Improves LCD Viewing Angle With New Optical Film
Ex-Apple CEO To Sell Mobiles In India
HTC Hired Ex-Samsung Marketing Officer
Xbox One Wolrdwide Sales Cross 5 million
Samsung Works With GLOBALFOUNDRIES On 14 nm FinFET Offering
Facebook To Find Nearby Friends
Console Sales Lift AMD's First Quarter Results
LG Expands 'Second Screen' TV Ecosystem With Open-Source SDK
Active Discussions
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
Video editing software.
 Home > News > General Computing > Yahoo R...
Last 7 Days News : SU MO TU WE TH FR SA All News

Thursday, June 05, 2008
Yahoo Responds to Carl Icahn's Letter of June 4


Yahoo today sent a letter to Carl C. Icahn in response to his letter dated June 4, 2008.

In an invective-filled letter to Yahoo yesterday, Icahn used terms like "deceitful," "self-destructive," "misleading" and "insulting to shareholders" for moves by Yang and the board to retain employees in a severance plan likely to make a deal with Microsoft more costly.

He called on Yahoo to rescind anti-takeover defenses and merge with Microsoft, writing "even I am amazed at the length Jerry Yang and the Yahoo board have gone to in order to entrench their positions and keep shareholders from deciding if they wished to sell to Microsoft."

Yahoo fired back with an official press release today, saying Icahn's attack on the company "seriously misrepresents and manipulates the facts" regarding dealings between Microsoft and Yahoo and that it relied on allegations from an error-filled lawsuit.

The company labeled as "patently untrue" key assertions contained in the complaint filed by lawyers for two Detroit pension funds who seek to unwind its anti-takeover defenses in order to force Yahoo to accept a full Microsoft merger deal.

"Notably, you accuse us of turning down a $40 per share offer and 'sabotaging' a $33 per share offer," Yahoo Chairman Roy Bostock said in a reply to Icahn that argues he lacks a credible plan for Yahoo other than selling out to Microsoft.

Icahn's criticisms stem from arguments made in a legal complaint attacking Yahoo that was unsealed this week and which purports to shed light on Yahoo's long resistance to Microsoft's entreaties. That suit refers to media reports that assert Yahoo rejected a $40-per-share Microsoft merger offer in early 2007 and to a $33-a-share verbal offer Microsoft has said it made early last month that was again rebuffed by Yahoo.

Icahn has proposed an alternate board ahead of Yahoo's annual meeting on August 1. He told business channel CNBC later on Wednesday that "we have good odds" in the Yahoo proxy battle and said an alternate deal in which Microsoft would buy only parts of the company would not serve shareholders.


Previous
Next
Computex 2008: Gigabyte, MSI Highlights        All News        ASUS Offers Next-Generation AMD Notebooks with 8 Seconds Boot Up
Intel-AMD Trial Delayed to 2010 in US court     General Computing News      ASUS Offers Next-Generation AMD Notebooks with 8 Seconds Boot Up

Get RSS feed Easy Print E-Mail this Message

Related News
Yahoo Set To Enter Into Original TV Programming: report
Yahoo To Encrypt Internal Traffic, Services
Yahoo Search To Feature Yelp's Reviews
Yahoo to Phase Out Support For Facebook, Google IDs In Its Services
Yahoo to Partner with Yelp: report
Yahoo Detected Hacking Attempt on Mail
Yahoo Buys Cloud Party
Yahoo COO de Castro Departs
Yahoo At 2014 CES
Yahoo CEO Apologizes for Mail Outage
Hardware Problem Causes Yahoo Mail Service Outage
Katie Couric to Join Yahoo News

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .