Icahn confirms proxy battle to remove Yahoo directors (AP) (15-05-2008)

NEW YORK (AP) -- Confirming he is launching a proxy battle to oust Yahoo board, billionaire activist investor Carl Icahn has said in a letter to Yahoo Chairman Roy Bostock, that he is nominating 10 directors, including himself, after what he calls the company's “irrational” actions toward Microsoft's takeover bid.

Search engine giant Yahoo is on the hot seat for rejecting Microsoft's initial bid of $44.6 billion, or $31 per share, and taking measures that finally drove away the software maker.

Icahn also said he's acquired 59 million shares of Yahoo in the past 10 days and has petitioned the Federal Trade Commission for permission to buy up to $2.5 billion in Yahoo stock.

  Source AP