Icahn Receives FTC Clearance to Purchase More Yahoo Shares

Just off the newswire... Billionaire investor Carl Icahn received clearance from the Federal Trade Commission to purchase large chunks of Yahoo Inc. (YHOO) shares. Federal regulators granted early termination Thursday of the waiting period required under the Hart-Scott-Rodino antitrust law, the FTC disclosed. Earlier this month, Icahn launched a proxy fight to unseat the Internet giant's board, saying it has acted irrationally and "lost the faith of shareholders" and Microsoft Corp. (MSFT).

Icahn has bought roughly 10 million Yahoo shares and options to acquire 49 million more, worth about $1.5 billion, since Microsoft withdrew its offer to acquire the company May 3. Icahn had sought antitrust clearance from the FTC to acquire up to about $2.5 billion worth of Yahoo stock. Icahn nominated 10 directors, including himself, lieutenant Keith Meister, Dallas Mavericks owner Mark Cuban and former Viacom Inc. (VIA, VIAB) Chief Executive Frank J. Biondi Jr., saying Yahoo board's actions regarding Microsoft's $47.5 billion takeover offer were perplexing.

Yahoo's board came under fire from top shareholders after talks to sell the company to Microsoft broke down over price. Yahoo shares traded Friday afternoon at $26.77, down 30 cents.

Looks like we might just have yet another weekend of Yahoo/Microsoft news. There goes my date tomorrow night!