Late Saturday, Yahoo issued a statement regarding a joint-proposal Microsoft and investor activist Carl Icahn released. Here is a copy of the statement:
Yahoo! Inc., a leading global Internet company, confirmed today that it has rejected a joint proposal from Microsoft Corporation and Carl Icahn for a complex restructuring of Yahoo! that would include the acquisition of Yahoo!'s search business by Microsoft.
The proposal was made on Friday evening and Yahoo! was given less than 24 hours to accept the proposal, the fundamental terms of which Microsoft and Mr. Icahn made clear they were unwilling to negotiate. After reviewing … Read more