That Yahoo proxy war looks like it's on, but with a new cast of characters.
According to Reuters, billionaire investor Carl Icahn will move ahead with an alternate slate of board of directors. The goal: Turn over Yahoo's 12 directors at once and sell Yahoo to Microsoft--or someone else.
It's unclear whether Microsoft is interested, but here's a stray thought. What if Icahn turns the board over and still can't find a buyer? Makes you go hmm. If Icahn can't get Microsoft to the table what's the point?
Given that Thursday is the deadline for any alternate board for Yahoo we'll be hearing about Icahn's dream team real soon.
The big question: How should Microsoft play this? It already walked away and it's unclear whether Microsoft CEO Steve Ballmer is still interested. The best move is to let Icahn do the dirty work and see how it turns out.
It should be entertaining though--Icahn will have a lot of grumpy institutional shareholders that would have taken Microsoft's offer.