Icahn to join Yahoo board after settlement

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Yahoo has now reached a settlement with investor Carl Icahn, who wanted to replace the current board after the company refused to sell all or a part of the company to Microsoft, with Microsoft saying it could not work with the current board.

The settlement will see Icahn, who owns 68.7 million shares (or 4.98% of Yahoo’s common stock), joining the Yahoo board and withdraw his proxy battle. This will also see another board member Robert Kotick not seeking re-election.

Another eight members are facing re-election at the next board members, and the board will expand to 11 members, adding Icahn and two other nominees from Icahn’s proposal.