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Carl Icahn drinks Microsoft's milkshake

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Yahoo’s shares jumped to their highest level since Microsoft abandoned its takeover offer as expectations rose that the internet company was about to come under renewed pressure to consider a deal.

Carl Icahn, the activist investor, is considering proposing nominees to the company’s board as a way to force Yahoo’s hand, according to one investor who has worked as an ally with him on similar situations.

This investor, and other media reports, also claimed that Mr Icahn had amassed a stake of as much as 4 per cent of Yahoo’s shares in preparation for a fight.

Mr Icahn has been sounding out other potential allies among hedge fund managers for more than a week, according to the investor.

Although Mr Icahn has yet to show his hand and has not formally approached the company, Yahoo itself now believes the activist investor is likely to show his hand before tomorrow’s deadline, according to a person close to the situation.

Mr Icahn is unlikely to try to take full control of the Yahoo board but would nominate directors so he could push for leadership change.
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