Icahn opposes Yahoo carve up

 

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By Reuters

Posted on 4 Dec 2008 at 10:49

Yahoo board member Carl Icahn does not want to see parts of Yahoo sold off, as he believes it undervalues the internet company.

"I don't think there is very much to having a partial bid for the company, at least as a large shareholder," Icahn admits, responding to the interest of former AOL chief executive Jonathan Miller in buying the company.

Icahn says he spoke to Miller over the weekend about the possibility of buying Yahoo.

"I think the stock is very undervalued. Right now I would be against that and I pretty much told Jonathan that."

However, he says the board would have to listen to any large offer for the company, but he is not enthusiastic about a sale. He admits he has not spoken to others on the Yahoo board, but thought they would agree.

Yahoo chief executive Jerry Yang has agreed to resign, under pressure, following the collapse of a possible acquisition by Microsoft.

Icahn is claiming the company needs a new CEO who is "a hard-nosed, cost-cutting kind of guy.

He repeated his view that Yahoo needs to do a deal with Microsoft to share searching.