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
Ivory said Yahoo could get about $15 billion from Microsoft for the search platform alone, a deal it said would give shareholders a value of $24 to $29 per share, or more than double Yahoo stock's closing share price Tuesday of $12.19.
Yahoo shares rose 62 cents, 5.1 percent, to $12.81 in morning trading Wednesday.
Yahoo Chief Executive Jerry Yang said recently that he would resign, a response to shareholder discontent that brewed after Yahoo rebuffed a $47.5 billion takeover offer from Microsoft for the entire company. Before stepping down, Yang said he was still open to some kind of a deal with Microsoft, after antitrust concerns sank Yahoo's planned advertising partnership with Google Inc.
Microsoft CEO Steve Ballmer has said a takeover of Yahoo is off the table but has expressed interest in the company's search business.
In the letter Wednesday, Ivory took Yahoo's board to task for not seeking a deal with Microsoft more aggressively and accused the company of ignoring shareholder interests. The firm holds 21.4 million, or about 1.5 percent, of Yahoo's shares.
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