Yahoo Says “No” to Carl Icahn’s Board Demand
Carl Icahn is a powerful and extremely rich man. Companies that count him as a shareholder likely quake in their boots anytime he has something to say. However, Yahoo’s board is not impressed with Icahn’s threats to replace the board members with a selection of his own.
In their public reply to Icahn, Yahoo’s Chairman of the Board Roy Bostock pretty much tells him to go take a long walk off a short pier.
A fair-minded review of the factual record leads to one conclusion: that Yahoo!’s ten-member board, comprised of nine independent directors along with Yahoo! CEO Jerry Yang, remains the best and most qualified group to maximize value for all Yahoo! stockholders.
Conversely, we do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of Yahoo! for the express purpose of trying to force a sale of Yahoo! to a formerly interested buyer who has publicly stated that they have moved on.
Something tells me that Icahn’s not going to skulk off quietly. What do you think?