Yahoo! Inc. rejected a proposal from Microsoft Corp. and billionaire investor Carl Icahn that would have broken up the Internet company, saying they were trying to “coerce” officials into selling assets.Under the plan, Yahoo’s current board and top management would be replaced. Microsoft would buy Yahoo’s search business and leave Icahn with the rest of the Sunnyvale, California-based company, an “odd and opportunistic alliance” that doesn’t have the best interests of shareholders in mind, Yahoo said.

“Carl Icahn and Microsoft presented us with a `take it or leave it’ proposal,” Chairman Roy Bostock said in a statement. “It is ludicrous to think that our board could accept such a proposal. We will not be bludgeoned into a transaction that is not in the best interests of our stockholders.”

read the rest published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=20601103&sid=acUeIqbjE4rY

Bookmark This:

Tags: alliance, bid, billionaire, Bloomberg, board, Business, California, Carl Icahn, Chairman Roy Bostock, coerce, company, Corp, doesn, Inc, Internet, investor, management, Microsoft, mind, plan, proposal, Rejects, rest, search, Split, statement, Sunnyvale, take, transaction, Yahoo