Yahoo Snaps Back At Icahn
Carl Icahn has joined the Microsoft takeover team and fired his first blast in an open letter sent yesterday. Yahoo’s board had to answer with a salvo of its own.
May 16, 2008
Bostock was quick to respond to Icahn’s letter:
"[…] 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."
Bostock tried to dismiss any claim that the current Yahoo board was not acting in the best interest of the shareholders..
"[…] your letter reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal,"
" Yahoo's board was at every point in this process prepared to enter into a transaction with Microsoft that would maximise stockholder value, and included certainty of value and closing. What Yahoo's independent board refused to do was to allow control of this company to be acquired for less than its full value."
While business is business and Yahoo would certainly like to see figures go up once again, it also speculated that company veterans aren’t very fond of the deal, given their dislike for Microsoft’s corporate culture. That and the thought of being purchased by a company that you managed to defeat almost every time on the Internet market, which is everything but pleasing to a manager.