Icahn names his team for Yahoo board
Battle over proposed Microsoft bid will go all the way
By Linda Rosencrance, Computerworld | Published 00:02, 15 July 08
Carl Icahn, the billionaire investor and Yahoo shareholder who's convinced Yahoo should sell part of its business to Microsoft, has filed a definitive proxy statement nominating a slate of nine directors to replace Yahoo's board and its CEO Jerry Yang.
The filing with the US Securities and Exchange Commission (SEC) comes after Yahoo rejected a joint proposal from Microsoft and Icahn on Saturday that called for a restructuring and the sale of Yahoo's search business to Microsoft.
Icahn's slate of directors includes Mark Cuban, internet entrepreneur and majority and controlling owner of the NBA's Dallas Mavericks and Adam Dell, managing general partner of Impact Venture Partners, a venture capital firm focused on IT investments.
The slate differs from board members Icahn proposed in a letter to Yahoo in May. Icahn's list submitted Monday leaves out Robert K Shaye, co-chairman and co-CEO of New Line Cinema.
In a letter to shareholders, Icahn, who owns approximately 5 percent of Yahoo, said, "We believe that now is the time to enter into a significant transaction with Microsoft."
Yahoo could not be reached for comment.
In the statement, Icahn told shareholders that Microsoft would be willing to enter into an agreement to purchase all of Yahoo, or the software maker would purchase Yahoo's search business with certain guarantees for shareholders if the current board were replaced with Icahn's nominees.
