August 1 is still weeks away, but Yahoo! Inc. (NASDAQ: YHOO) is kicking off a full-court press as it faces off with Carl Icahn (and sidekick Microsoft Corp. (NASDAQ: MSFT) over control of the internet company's board of directors.
Yahoo! CEO Jerry Yang told The Wall Street Journal he believes Microsoft is trying to destabilize his company, but has no real desire to acquire the company. Yang's belief is certainly a plausible explanation for why Microsoft earlier this week said it would be willing to discuss an acquisition of Yahoo!'s search business or, alternatively, the whole company, but only if a new board of directors was elected. While some who have watched the saga believe Microsoft may have crossed a line and is now out to destroy and humiliate Yahoo!, can Microsoft really be blamed for its actions when Yahoo! did everything it could short of a scorched earth policy to avoid making a deal? And now we're supposed to believe Yahoo! has "prostrated themselves" before Microsoft to get a merger done? Please.
Elsewhere, Legg Mason Capital Management''s Bill Miller told Reuters that Icahn would have more support in his proxy fight if he pledged not to sell the company for less than $33 a share, or $47.5 billion, Microsoft's last offer. Legg Mason owns slightly more than 5% of Yahoo!Continue reading at TechConfidential.com.
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