Yahoo, which rejected a $47.5 billion buyout offer from Microsoft, rose in extended trading on reports that billionaire investor Carl Icahn, left, may seek control of its board. Icahn is considering a proxy fight and last week built a “significant” position in Yahoo of as much as 50 million shares, CNBC’s David Faber said, citing people who have spoken with the investor. Icahn may make a decision today, The Wall Street Journal said, citing a person familiar with the matter.
The move may increase pressure on Yahoo chief executive Jerry Yang. Motorola said it would split off its phone business after Icahn began pushing for changes last year.
“It would be in the interests of all shareholders if an aggressive, proactive shareholder-rights activist would get Yahoo sold to Microsoft,” said Laura Martin, an analyst at Soleil Securities. She recommends selling the stock. Bloomberg News; Associated Press file photo
