Microsoft Supports Carl Icahn with Yahoo Proxy

The annual shareholder meeting for Yahoo will be held on August 1st, 2008 in San Jose, California. Billionaire investor Carl Icahn is expected to pursue his preference to replace the current board of directors, including CEO of Yahoo at the shareholder’s meeting, with the support of Microsoft behind him.

Icahn has made his agenda apparent, he intends to replace the current board of directors and CEO of Yahoo with a new board open to selling Yahoo to Microsoft, after the initial negotiations failed and Icahn has stated that he does not feel he can negotiate with the current board.

Microsoft will be willing to resume negotiations to purchase Yahoo in its entirety, or forge an internet search advertising deal when the Yahoo board of directors is replaced, and idea that has aided in driving Yahoo stock upwards.