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Icahn Blasts Yahoo for “Distorting, Omitting, Twisting Events”


Thought billionaire investor Carl Icahn was already angry about the Microsoft-Yahoo deal? You should see him now. Reuters is reporting that Icahn blasted Yahoo on Monday for rejecting his joint proposal with Microsoft, saying in effect that management was more focused on who would run the Internet company than what the offer entailed.

Icahn also let loose some heretofore specifics about the deal. “In a letter to Yahoo shareholders ahead of an August 1 proxy battle, Icahn detailed the terms of their proposal, including a $7.7 billion commitment from Microsoft that consisted of $1 billion for Yahoo’s search business, a $3.9 billion tender offer to Yahoo shareholders, and a $2.8 billion loan,” the report said. Yahoo turned down that deal on Saturday, saying that they only had 24 hours to consider it.

“Over the years I have attempted to make changes at many companies but I have yet to see a company distort, omit and twist events and facts in the manner that Yahoo! has done in their press release issued Saturday night, July 12th,” Icahn said in the letter.

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