Monday, July 07, 2008

MSFT backs Icahn

SAN FRANCISCO - Microsoft Corp. threw its weight behind investor Carl Icahn’s effort to oust Yahoo Inc.’s board next month, saying Monday that a successful rebellion would encourage the software maker to renew its takeover bid for Yahoo or negotiate another multibillion-dollar deal.

The development gives Icahn a huge carrot to dangle before Yahoo shareholders as he wages a campaign to oust Yahoo’s nine directors at the company’s annual meeting Aug. 1.

Microsoft’s support of Icahn also intensifies the pressure on Yahoo co-founder and Chief Executive Jerry Yang, whose handling of the earlier sales negotiations with Microsoft infuriated many shareholders.                                         

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