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In the letter, Icahn discloses that he has acquired 59 million shares of Yahoo. Hence, if he’s able to get his board elected and Microsoft to re-offer $33/share, he stands to make several hundred million dollars. How's that for motivation?
The letter has some awesomely stern-worded sound bites, including:
“It is irresponsible to hide behind management's more than overly optimistic financial forecasts.”
“During the past week, a number of shareholders have asked me to lead a proxy fight to attempt to remove the current board and to establish a new board which would attempt to negotiate a successful merger with Microsoft, something that in my opinion the current board has completely botched.”
“It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72% premium over Yahoo's closing price of $19.18 on the day before the initial Microsoft offer.”