Icahn Wants to Unseat Entire Yahoo Board

Billionaire investor Carl Icahn wants to completely replace Yahoo's board after the current spate of directors turned down Microsoft's bid for acquisition.In a letter sent today to Yahoo chairman Roy Bostock, Icahn called the board's actions irrational, irresponsible and unconscionable. "A number of shareholders have asked me to lead a proxy fight to attempt to remove the current board and to establish a new board which would attempt to negotiate a successful merger with Microsoft, something that in my opinion the current board has completely botched," he wrote.

Among the slate of directors Icahn is nominating: himself, Icahn Enterprises' Keith Meister, Dallas Mavericks owner Mark Cuban, former Viacom CEO Frank Biondi Jr. and New Line Cinema co-chairman Robert Shaye.

Icahn owns roughly 59 million Yahoo shares, worth more than $1.5 billion and representing a stake in the comany of roughly 3.6 percent, plus he's seeking antitrust clearance from the Federal Trade Commission to acquire another $1 billion more. No word (yet) from Yahoo, whose board meets for its annual meeting July 3.TheStreet.com, The Los Angeles Times