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A Yahoo Inc. shareholder has urged the board to reach a deal with Microsoft Corp., saying selling the search business to Microsoft could result in a deal valued at double Yahoo's current stock price.
The proposal by Ivory Investment Management LP follows the recent resignation of Yahoo Chief Executive Jerry Yang and signs that Microsoft remains willing to buy the Yahoo's search business. A spokesman for Yahoo declined to comment.
"Pressure is mounting," said Jefferies & Co. analyst Youssef Squali. "The board is in a very difficult situation now where they are in the process of picking a successor to Yang while at the same time having to fend off all these calls to do something sooner rather than later."
Billionaire investor and Yahoo director Carl Icahn, who recently raised his stake in the company to 5.5%, has also been pushing for Yahoo to ink a search deal with Microsoft.