Yahoo! Inc. confirmed that it has rejected, again, 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. Yahoo!

Carl Icahn has issued a letter to yahoo shareholders detailing the summary of his talks with Microsoft CEO Steven Ballmer. Here's an excerpt from the letter. During the past week I have spoken frequently with Steve Ballmer, CEO of Microsoft. However, Steve made it clear to me that if a new board were elected, he would be interested in discussing a major transaction with Yahoo!...

WSJ reports that Carl Icahn's Yahoo bid is rapidly gaining support from exisiting and new shareholders. The list of supporters now includes Texas billionaire T. Boone Pickens, Daniel Loeb's Third Point LLC, and, as mentioned in the previous update, John Paulson of Paulson & Co.

By Aaron Task in Investing, Internet, Newsmakers, Venture Capital, M and A, IPOs

Carl Icahn is going to move forward with a full proxy slate to replace Yahoo's board of directors, Reuters reports.

"Icahn, who has amassed a large stake in the Internet company, has lined up at least 12 potential board candidates," Reuters reports.