Icahn's proposed Microsoft deal with Yahoo was for more than just search


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Why won't Yahoo part with its search business when Microsoft would be offering a rich amount for it, asks Carl Icahn this morning? The answer could lie in the component of the deal that justifies being offered more than triple its value.

In an open letter to Yahoo shareholders this morning (entire press release available here), Icahn Partners chief Carl Icahn revealed that a deal he attempted to broker over the weekend between Microsoft and Yahoo would have resulted in Microsoft owning more than just Yahoo's search business. The most valuable item on Icahn's list of transferrable assets was not the search division -- that was #2 -- but rather a line-item described as "$12.5B in Asian Assets," valued at $9 per share.

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