Icahn Targets Yahoo - But Will Microsoft Play Ball?

Just when you thought the Microhoo saga was over, billionaire investor Carl Icahn wants in on the act.

According to CNBC, Icahn has amassed as many as 50 million shares of Yahoo and is mulling over a proxy war. He has until Thursday to declare an alternate board. The problem with this master plan: It’s unclear that Microsoft is interested in playing ball. And without Microsoft at the negotiating table the effort is moot.

It’s likely that the CNBC report was floated as trial balloon to see if Microsoft CEO Steve Ballmer was still interested in Yahoo.

Icahn could proceed without Microsoft to be a pain in Jerry Yang’s backside. It worked for Icahn at BEA Systems, which ultimately sold out to Oracle.

I’m just left with one question about this effort: When is Icahn going to retire? This activist shareholder gig has got to be tiring.