Feeds

Yahoo! hands Icahn board seat, ends battle

No! more! letters!

Build a business case: developing custom apps

Microhoo! Yahoo! and Carl Icahn have agreed to settle their differences and call off their proxy battle for control of the company.

Icahn had proposed an alternative slate of directors and called on shareholders to vote in his favour at a general meeting 1 August. The bazillionaire greenmailer wanted to take control of the board in order to sell Yahoo! to Microsoft.

Under today's accord, he gets a seat on the board alongside two nominees from his original list of eight plus Jonathan Miller, former CEO of AOL. The two extra directors will be chosen by Yahoo!'s governance committee.

The board will expand to 11 people - Roy Bostock, Ronald Burkle, Eric Hippeau, Vyomesh Joshi, Arthur Kern, Mary Agnes Wilderotter, Gary Wilson and Jerry Yang all stay on the board.

As part of the deal Carl Icahn, who owns just under five per cent of Yahoo!'s shares, agrees to vote in favour of the Board's nominees and withdraw his alternative slate of directors.

Icahn hailed the settlement: "While I continue to believe that the sale of the whole company or the sale of its search business in the right transaction must be given full consideration, I share the view that Yahoo!'s valuable collection of assets positions it well to continue expanding its online leadership and enhancing returns to stockholders."

How the two sides will achieve a friendly working relationship remains to be seen. The regular exchange of letters between each side has become increasingly vituperative and personal in recent weeks.

Yahoo! chairman Roy Bostock thanked Robert Kostick, who is stepping down from the board to concentrate his job as CEO of Activision Blizzard.

For all our Microhoo! coverage head here. ®

5 things you didn’t know about cloud backup

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.