Investor against selling Yahoo piecemeal

Published: 05/12/2008 05:00

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A man drives a Mini Cooper with a Yahoo! logo in front of Yahoo! headquarters in Sunnyvale, California, Feb. 1, 2008. Billionaire investor Carl Icahn has voiced opposition to attempts by AOL veteran Jonathan Miller or anyone else acquiring Yahoo Inc. piecemeal, it was reported on Thursday. (Xinhua/Reuters Photo)

Icahn, who is a Yahoo board member, said in an interview that he would oppose selling just more than half of Yahoo’s Web portal because he insisted that its shares are undervalued, the San Francisco Chronicle said.

He speculated that Yahoo’s board would agree with him. But Icahn added that management would consider a bid for the entire company if the offer was high enough, according to the paper.

“Obviously, if somebody wanted to make a bid at a very high price, the board has to listen to it,” Icahn said.

Icahn’s comments came a day after a Wall Street Journal report that Miller was talking to private equity investors about raising up to 30 billion U.S. dollars to buy Yahoo. The emergence of the former AOL executive as a potential suitor marks another dramatic turn for Yahoo in a year punctuated by failed takeover talks with Microsoft Corp., the pending resignation of CEO Jerry Yang and a plummeting stock price.

Yahoo’s shares have been in a tailspin since Microsoft withdrew a 33-dollar per-share takeover bid in July, closing Wednesday at 11.50 dollars, placing the company’s market capitalization at 16 billion dollars.

VietNamNet/Xinhuanet

Update from: http://english.vietnamnet.vn//international/2008/12/817145/

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