Yahoo, Icahn Settle Proxy Fight Over Microsoft Deal

Law360, New York (July 21, 2008, 12:00 AM EDT) -- Yahoo Inc. has reached a settlement with activist investor Carl Icahn, who had sought to replace the company's entire board of directors, putting an end to a proxy battle over a possible merger deal between Yahoo and Microsoft Corp.

Icahn, who owns nearly 5% of Yahoo's common stock, filed an official proxy statement in favor of the buyout earlier this month, criticizing Yahoo's management in a letter to shareholders. He planned to replace the company's current board at its annual shareholder meeting on Aug. 1....
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