Billionaire investor Carl Icahn plans to launch a proxy battle this week to gain power on Yahoo's board, aiming to push it back into takeover talks with Microsoft, the Wall Street Journal reported late Wednesday.
After amassing a huge stake in the embattled Internet giant, Icahn will nominate ten new directors to replace Yahoo's current board before the Thursday nominations deadline and seek shareholder approval for his slate, the Journal said on its website, citing sources close to the matter.
Icahn plans to nominate among them Viacom's chief executive, Frank Biondi, who has helped the billionaire corporate raider in other proxy fights, the Journal said.
Icahn has bought up some 50 million shares of Yahoo since Microsoft gave up its unsolicited bid, originally valued at 44.6 billion dollars, for the company on May 3.
But the Journal's sources said that Microsoft has yet to reply to Icahn's queries on whether it is willing to make another stab at buying Yahoo.
Icahn decided to move anyway, the Journal said, "because he views a deal with Microsoft as beneficial to both companies, and one that executives would come to embrace."
After amassing a huge stake in the embattled Internet giant, Icahn will nominate ten new directors to replace Yahoo's current board before the Thursday nominations deadline and seek shareholder approval for his slate, the Journal said on its website, citing sources close to the matter.
Icahn plans to nominate among them Viacom's chief executive, Frank Biondi, who has helped the billionaire corporate raider in other proxy fights, the Journal said.
Icahn has bought up some 50 million shares of Yahoo since Microsoft gave up its unsolicited bid, originally valued at 44.6 billion dollars, for the company on May 3.
But the Journal's sources said that Microsoft has yet to reply to Icahn's queries on whether it is willing to make another stab at buying Yahoo.
Icahn decided to move anyway, the Journal said, "because he views a deal with Microsoft as beneficial to both companies, and one that executives would come to embrace."
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