Yahoo reach deal with billionaire Carl Icahn
The compromise spares Yahoo from more bickering with Icahn, an acerbic billionaire who had spent the past two months spearheading a rebellion to replace the Internet company’s entire board in retaliation for its rejection of Microsoft’s $47.5 billion takeover bid in May.
The duel had been scheduled to culminate in a shareholder vote at Yahoo’s Aug. 1 annual meeting.
It now appears there will be fewer fireworks at that gathering, although some Yahoo shareholders are still expected to vent about the board’s inability to get a deal done with Microsoft after six months of wrangling.
The main order of business will be the cease-fire giving Icahn three of the 11 seats on Yahoo’s board, which will be expanded to make the deal possible.