SAN FRANCISCO (AP) - Yahoo is relinquishing three seats on its
board of directors to activist investor Carl Icahn. The move ends a
battle for control of the Internet company while still leaving the
door open for a possible sale to Microsoft.
The truce gives Yahoo a reprieve from two months of bickering
with Icahn, who had been spearheading a shareholder rebellion aimed
at replacing the company's entire board in retaliation for
rejection of Microsoft's takeover bid.
The showdown had previously been on track to culminate in a
shareholder vote at Yahoo's annual meeting next month.
That gathering now looks like it will mark a cease-fire, giving
Icahn three of the 11 seats on Yahoo's expanded board.
Eight of Yahoo's current nine directors will remain on the
board, leaving the company's current regime - headed by Chairman
Roy Bostock and CEO Jerry Yang - in the driver's seat.
The compromise negotiated over the weekend doesn't necessarily
settle Yahoo's fate, which has been unclear since Microsoft made
its first unsolicited offer in January.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.