Yahoo! Rejects Microsoft Proposal
Yahoo! this weekend rejected a restructuring and joint acquisition offer from Microsoft and Carl Icahn that came with a deadline of less than 24 hours.
In a statement Saturday, the online firm said the joint proposal was made Friday night and called for the acquisition of Yahoo!’s search services by Microsoft, while Icahn and a slate of board members would have run the company’s business units. Yahoo!’s current management and board would have been immediately replaced, without allowing shareholders to vote on two slates of directors at their annual meeting on Aug.
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