Yahoo rejects MS proposal, seeks bid for entire company
Yahoo on Saturday night rejected a joint proposal from Microsoft and investor Carl Icahn that had called for a restructuring and the sale of Yahoo’s search business to Microsoft. The Internet company that had fought Microsoft’s hostile bid for months has now suggested that the Redmond, Washington, software giant make an offer to acquire all of Yahoo.
The proposal had been made Friday evening, according to a Yahoo statement, and Yahoo was given fewer than 24 hours to accept it. The board said that it rejected it because its recent search deal with Google is financially superior and less risky than Microsoft/Icahn proposal and because the proposal precluded a potential sale of the entire company for a “full and fair price”. It also objected to the proposal’s plan to immediately replace Yahoo’s current board and top management team.
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