Billionaire Carl Icahn , one of the major holders of Yahoo shares ,is leading a Yahoo shareholders campaign to to replace Yahoo’s 10 directors headed by Roy Bostock at the company’s July 3 annual meeting .

Carl Icahn says that his decision came based on his complete believe that the current board failed to handle the Microsoft takeover in an “irresponsible” and “irrational” manner. These Actions lead to Microsoft withdrawal of a proposal of $47.5 Billion US Dollars to takeover Yahoo .

Carl Icahn is now preparing an alternate board of directors to manage Yahoo in hope that they can bring Microsoft back to the negotiation . The nominees for this board other than Carl Icahn himself are Mark Cuban, Adam Dell,Frank Biondi Jr. and others.

Carl threatened that the only way for the current Yahoo board to overcome this embarrassing situation is to reopen the negotiation again with Microsoft.

Carl has sent Thursday a letter to the current Yahoo Chairman Roy Bostock expressing his anger from these actions made by the current board and implied that Microsoft is still interested in taking over Yahoo and he aims on getting Microsoft back and completing the deal.”It is irresponsible to hide behind management’s more than overly optimistic financial forecasts,” Icahn wrote. “It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72 percent premium over Yahoo’s closing price of $19.18 on the day before the initial Microsoft offer.”

Until this no comment have been issued from the Yahoo chairman but Microsoft spokesman declined to comment on Icahn letter and stated that Microsoft has moved over.

I guess we will be hearing more of this subject now that the angered shareholders is declaring mutiny. Hopefully this issue will be resolved soon as the only loser of this derby is the shareholders themselves.