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 toldThe 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.
In an open letter to his fellow long-suffering Yahoo shareholders, billionaire Carl Icahn disclosed that he has spoken "frequently" with Microsoft CEO Steve Ballmer; "frequently" over the past week about Yahoo. Ballmer indicated to Icahn that the world's largest software company would still be interested in doing a deal ... with one catch.
"Steve made it abundantly clear that, due to his experiences with Yahoo! during the past several months, he cannot negotiate any transaction with the current board," Icahn said. "If a new board were elected, he would be interested in discussing a major transaction with Yahoo!, such as either a transaction to purchase the "Search" function with large financial guarantees or, in the alternative, purchasing the whole company. He stated that Microsoft would be willing to enter into discussion immediately if the new board that has been nominated were elected."
In a separate press release, Microsoft underscored Icahn's statement, adding that despite speaking with Yahoo!'s board since last year, the company decided that it cannot reach an agreement with the current board. Can you say trial balloon?
Carl Icahn, biggest of the big swinging activists, finally switched on his new blog. Unfortunately, his initial posts for TheIcahnReport center not on his loathing for Yahoo! Inc. (NASDAQ: YHOO), but on the more abstract fear of crummy corporate governance. The fear and loathing are linked, of course. But it appears Icahn will resist the urge to vivisect Jerry Yang in print -- at least until he has liquidated his holdings in the Internet company.
If so, that's too bad. And Carl, just think of the fun you could have!
Yahoodlums smashing innocent SHers! posted on June 19, 2008 - 2:37 p.m.
Testing, testing. We live? Hi everyone, Carl here. Let me begin by saying what a pleasure it is to be here. But let me tell ya, that Jerry Yang. He made a killing in the stock market on this Microsoft business--he shot his broker. Yeah, I wish that nudnik would learn a trade so I'd know what kind of work he's gonna be out of. Can this guy get off my planet, already? Why, all this schmuck does is keep running his mouth--if he keeps talking maybe he'll say something intelligent.
That's it from me, folks. I'm here everyday. Try the prime rib. -- Carl Icahn
Faced with a revolt from angry shareholders who saw the value of their investments drop sharply after Microsoft Corp.(NASDAQ: MSFT) abandoned its acquisition offer over the weekend, Yahoo! Inc. (NASDAQ: YHOO) executives were doing their best spin control to deflect blame.
Yahoo! CEO Jerry Yang told Reuters the company was in negotiations to find common ground with Microsoft when the deal collapsed, adding he would still be open to further discussions with the company. Yahoo! president Susan Decker, meanwhile, tells us that Microsoft never put a $33 per share offer in writing.
We certainly could envision a scenario where Microsoft got cold feet and decided to walk rather than negotiate further with someone who didn't really want to make a deal, so Decker and Yang's take on things could be completely accurate. There's only one problem with it -- by not getting involved in serious discussions even earlier, Yahoo! did a disservice to its shareholders, who are now left holding the bag and hoping Microsoft sees fit to revisit the offer.
Yahoo! Inc. (NASDAQ: YHOO) CEO is taking its case to shareholders in a letter, disclosed late Wednesday, that outlines why Microsoft Corp.'s (NASDAQ: MSFT) $44.6 billion offer undervalues the company. A copy of the letter follows:
Dear Stockholders,
On February 1, 2008, Microsoft made an unsolicited proposal to acquire your company. As much has been reported in the press recently, I wanted to reach out to you personally to let you know why your Board of Directors, after a careful review by Yahoo!'s management along with our financial and legal advisors, believes that Microsoft's proposal substantially undervalues Yahoo! and is not in the best interests of our stockholders.
Most importantly, I want you to know that your Board is continuously evaluating all of Yahoo!'s strategic options in the context of the rapidly evolving industry environment, and we remain committed to pursuing initiatives that maximize value for all our stockholders.
BloggingBuyouts is provided for informational purposes only. Nothing on the service is intended to provide personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter. You are solely responsible for any investment decisions that you make. The contributors who provide the content of BloggingBuyouts may, from time to time, hold positions in the securities discussed at the time of writing and they may trade for their own accounts. Such holdings will be disclosed at the time of writing. By using the site, you agree to abide to BloggingBuyouts' Terms of Use.
BloggingBuyouts is the best resource for news, opinion, and research on the least understood, most powerful force driving financial markets today -- private equity investing.
For more coverage of America's favorite publicly traded stocks, check out BloggingStocks
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. 
The 
