Yahoo rejects a new Microsoft deal

SAN FRANCISCO (AFP) — Yahoo said Saturday it has rejected a "ludicrous" deal with Microsoft orchestrated by corporate raider Carl Icahn, who is bent on overthrowing the struggling Internet search pioneer's board.

Yahoo said a "take it or leave it" proposal made by Icahn and Microsoft on Friday called for a massive restructuring of the California firm and the sale of its online search business to the US software colossus.

"This odd and opportunistic alliance of Microsoft and Carl Icahn has anything but the interests of Yahoo's stockholders in mind," Yahoo board chairman Roy Bostock said in a release.

"While this type of erratic and unpredictable behavior is consistent with what we have come to expect from Microsoft, we will not be bludgeoned into a transaction that is not in the best interests of our stockholders."

Bostock called any notion of accepting the offer "ludicrous," saying it was ...