Icahn Said to Be Mulling Yahoo Proxy Fight
In the meantime, a much-publicized deal in which Yahoo would outsource part of its search advertising business to Google -- the possibility of which Microsoft CEO Steve Ballmer cited as a major reason to withdraw the offer -- has yet to be finalized, and, according to recent anonymously sourced press reports, has lost steam.
All along, Microsoft had indicated its readiness to launch a proxy fight to oust Yahoo's board and replace it with its own candidates, but eventually, as Ballmer explained, Microsoft decided against that option, saying that it wasn't interested in engaging in a hostile and potentially long process.
Microsoft's main goal in acquiring Yahoo had been to give its underperforming Internet business a boost and turn it into a stronger competitor against Google.
Icahn is well-known for taking to task the CEOs of companies he invests in when he feels they aren't doing a good job of delivering shareholder value.
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