New York (HedgeCo.Net) – After months of on-again off-again talks between Yahoo and Microsoft, the possibility of a merger looks to be back on.
According to the Wall Street Journal, Microsoft said they may be interested in restarting talks if the internet giant’s board was replaced, a move that billionaire tycoon Carl Icahn has been striving to achieve.
"If Microsoft and Mr. Ballmer really want to purchase Yahoo, we again invite them to make a proposal immediately," Yahoo said in a recent statement.
Icahn had launched a proxy battle to replace Yahoo CEO Jerry Yang and other members of the Yahoo board after they originally rejected Microsoft’s first offer for $47.5 billion. Icahn blamed it on Yang’s personal disdain for Microsoft and said they were not acting in the shareholders best interest. Backed by a few prominent hedge funds who also acquired massive shares in Yahoo, it looked as if Icahn was going to score a victory only to have talks cool shortly thereafter.
While some shareholders are reluctant at how Icahn would manage the company, others are urging him to push for fewer seats on the board. Yahoo’s annual shareholder meeting will be held on August 1st.
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