SAN FRANCISCO - Saying Yahoo Incorporated's board "completely botched" takeover talks with Microsoft Corp., billionaire investor Carl Icahn Thursday launched a bid for control of the Internet giant by nominating a slate to unseat the board of directors.
Candidates include Icahn, former Viacom Inc. Chief Executive Frank Biondi Jr., Dallas Mavericks owner Mark Cuban and New Line Cinema cochairman Robert Shaye.
In a letter to Yahoo Chairman Roy Bostock, Icahn said he had snapped up 59 million Yahoo shares, worth about $1.5 billion, and was seeking permission from the Securities and Exchange Commission to amass up to $2.5 billion worth. His holdings constitute about 4.3 percent of the Sunnyvale, Calif., company's stock.
"It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72 percent premium over Yahoo's closing price of $19.18 on the day before the initial Microsoft offer," Icahn wrote.
He added he hoped Yahoo would "move expeditiously" to close a deal with Microsoft.
Late Thursday, Yahoo Chairman Roy Bostock criticized Icahn for a "significant misunderstanding of the facts" about Microsoft's offer and the Yahoo board's response.
NEWS SERVICES
