ahoo holder urges search unit sale to Microsoft
Yahoo holder urges search unit sale to Microsoft
Wednesday December 10, 8:55 am ET
Yahoo shareholder urges board to pursue selling search unit to Microsoft
LOS ANGELES (AP) -- One of Yahoo Inc.'s largest shareholders, Ivory Investment Management LP, is urging the Internet company to pursue a sale of its search unit to Microsoft.
In a letter to the company's board, the investment firm proposed a deal Wednesday in which Microsoft would acquire Yahoo's search engine and Yahoo would retain 80 percent of revenue generated by search queries on its own site.
Ivory proposed Microsoft pay $15 billion for the search platform. It says that would give Yahoo shareholders $24 to $29 per share, well above Yahoo's recent price.
Ivory owns about 1.5 percent of Yahoo.
Talks between Microsoft and Yahoo about a possible buyout of all of Yahoo fell apart this summer.