Icahn reportedly moves to oust Yahoo's board
SAN FRANCISCO -- Billionaire investor Carl Icahn on Wednesday hatched plans to shove aside Yahoo's board, according to Bloomberg News.
USA TODAY could not confirm the reports.
Thursday is the deadline for nominating a dissident slate for Yahoo's annual shareholders meeting July 3.
The New York-based financier has a knack for accumulating shares in slumping companies. The list of troubled companies that Icahn has recently pressured into shake-ups includes Blockbuster and Mylan Laboratories. Last month, Motorola settled a proxy battle with Icahn by agreeing to add two of Icahn's four nominees to its board.
Last year, Icahn gobbled up shares in BEA Software, hastening its sale to rival Oracle. Some Yahoo investors, such as Eric Jackson, who heads investment fund Ironfire Capital, have publicly chastised the Internet pioneer for failing to cement a buyout deal with Microsoft. Jackson last week said that he plans to run a "vote no" campaign against Yahoo's 10-member board.
Microsoft initially bid $31 per share for Yahoo on Jan. 31, and later raised it to $33. But the software giant pulled its offer off the table this month after it scoffed at Yahoo's asking price of $37 per share.
Word of Icahn's gambit came Wednesday after markets closed. Yahoo shares gained almost 2% in after-hours trading, to $27.61.
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