An anticipated August 1 bloodbath might be averted. In an unexpected and highly controversial settlement, the board of directors at Yahoo! and agitator investor Carl Icahn have reached an agreement which makes Icahn a board member. In return, Icahn has agreed to call off his hostile proxy fight for control of the Yahoo! board.
Icahn owns or controls approximately 5% of Yahoo! common stock, with 68,789,320 shares. He has agreed to pull a slate of alternative board members he assembled earlier this year in his bid to take over the troubled corporation. Icahn has further agreed to use his block of votes to support the nominees put forward by the current board of directors.
After the August 1 election, the Yahoo! board will expand from its current nine members to eleven with Icahn guaranteed a seat via appointment. Two other appointments from the list of eight alternative nominees Icahn had earlier compiled will be added after the new board is elected. A ninth name, Johathan Miller (the former chair and CEO of AOL), will be added to that list.
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