Microsoft back in play if Yahoo puts in new board
Microsoft (Nasdaq: MSFT) again ramped up the pressure on Yahoo (Nasdaq: YHOO) CEO Jerry Yang and the board, as they said if activist investor Carl Icahn is able to get a new board at the company, they'll get back to the negotiating table.
Microsoft's CEO Steve Ballmer said about the current board, "we have concluded that we cannot reach an agreement with them," but added concerning instituting a new board that "we will be prepared to enter into discussions immediately" to buy the entire company or its Web search business.
Icahn has asserted all along that Yahoo made a huge mistake when they turned down the offer by Microsoft, and has been pushing to remove the existing board with members more friendly to the offer. He also said he's been in ongoing talks with Steve Ballmer about making a deal if a new board is put in place at the upcoming shareholders' meeting on August 1.
If Icahn is able to replace the existing board, he added that he will immediately replace CEO Jerry Yang with a "new CEO with operating experience."
Related Stories:
Microsoft Is Open to Talks With a New Yahoo Board
Microsoft open to 'major transaction' if Yahoo replaces board
Comment Preview