The Week: City news - Yahoo! rejects search offer

Yahoo! has rejected a joint proposal for its search business by Microsoft and Carl Icahn.

The company's board, which was given just 24 hours to make a decision following the Friday night offer, said that the alliance was "odd" and "opportunistic" and a sale would not be in the "best interest of stockholders". Icahn countered by filing a proxy to nominate nine dissident directors to replace Yahoo!'s current board.