Yahoo, Icahn Call a Truce

By Bloomberg News | July 22, 2008 averted a showdown with rabble-rousing investor Carl Icahn yesterday by giving him three seats on its board of directors in a truce that still leaves the door open for a possible sale to Microsoft Corp. The compromise spares Yahoo from more bickering with Mr. 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 August 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... [read full story]