This morning American billionaire and a major Yahoo! shareholder sent a letter to Yahoo! saying that their board of directors was acting irrationally.  The letter relates to the bid that Microsoft made for Yahoo! Microsoft told the Yahoo! Board that they wanted to acquire Yahoo! for $33 per share.  However, Yahoo! was asking for more.  Below is the letter Icahn wrote and it includes an alternative slate of directors that could serve as Yahoo!’s board if they decide not to pursue the Microsoft opportunity.  

I’d say that the biggest takeaway from Yahoo!’s letter is that Roy Bostock said that the $33 per share offer was never put in writing, it was only an oral offer.  Bostock also mentioned that Microsoft walked away from the negotiation table when Yahoo! said it was interested in an offer at $37 offer per share.

Such are the trials and tribulations of being a public company.  When shareholders get involved, things tend to get messier.  Stay tuned to Pulse 2.0 for additional details on the Microsoft-Yahoo! saga.

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