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Yahoo rejects joint proposal from Microsoft, Icahn


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Yahoo! Inc., owner of the second-most popular search engine, rejected a restructuring proposal by Microsoft Corp. and billionaire investor Carl Icahn that would have included the sale of Yahoo's search business to Microsoft.

Yahoo's advertising agreement with Google Inc. offers ``superior financial value'' to the proposal from Microsoft and Icahn, the Sunnyvale, California-based company said in a Business Wire statement today.

Icahn has criticized Yahoo Chief Executive Officer Jerry Yang for failing to close a deal with Microsoft, the world's biggest software maker. Microsoft, which on May 3 withdrew an offer to buy Yahoo, said on July 7 it may renew talks for a deal if Icahn, who controls about 69 million Yahoo shares, succeeds in ousting Yang and his board.

``Carl Icahn and Microsoft presented us with a `take it or leave it' proposal,'' Chairman Roy Bostock said in the statement. ``It is ludicrous to think that our board could accept such a proposal. We will not be bludgeoned into a transaction that is not in the best interests of our stockholders.''
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Full story at link by Kyung Bok Cho// Bloomberg.com
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