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Icahn v. Yahoo, Round Kabillion

Some couples just never seem to tire of bickering. Their constant squabbles make small children look mature. Because I know you haven’t had enough of this drama lately, this is another one of those stories.

So, to get us all up to speed: prominent Yahoo shareholder Carl Icahn proposed a proxy board, probably to oust Jerry Yang and take a Microsoft deal. He says Yahoo’s employee severance plan (which would be triggered by a takeover or merger) is a poison pill. Yahoo says their severance plan is to protect and reassure employees and that Icahn has no credible plan for Yahoo. Simple enough, right?

Carl Icahn to Join Yahoo Board as Part of Newly Announced Settlement

Here’s an interesting twist in the Yahoo/Microsoft/Icahn love triangle–Carl Icahn and Yahoo have just kissed and made-up.

Under a newly announced settlement, Carl Icahn and two of his cohorts will be elected to Yahoo’s board of directors.

Following the 2008 annual meeting, the Yahoo! Board will be expanded to 11 members. Carl Icahn will be appointed to the Board and the remaining two seats will be filled by the Board upon the recommendation of the Board’s Nominating and Governance Committee from a list of nine candidates recommended by Mr. Icahn, which includes the eight remaining members of the Icahn slate of nominees and Jonathan Miller, currently a partner in Velocity Interactive Group and former Chairman and CEO of AOL.

Is there Any Board Carl Icahn Hasn’t Shaken-up?

Is it just me, or does Carl Icahn shake-up the Board of Directors at every company he invests in?

News today suggests he’s hell-bent on replacing Yahoo’s board at the August 1st annual meeting.

Icahn filed the final nominating papers for a slate of candidates that will oppose Yahoo’s current nine directors in a showdown scheduled for an Aug. 1 shareholder vote. In separate letter to Yahoo shareholders, Icahn accused the incumbent board of being more interested in protecting its jobs than evaluating the merits of Microsoft’s latest offer for Yahoo’s online search operations.

Icahn, who owns a 5 percent stake in Yahoo, also accused the board of misleading shareholders about some aspects of the proposal, which was rebuffed late Saturday.

Champagne Pops at Yahoo as Carl Icahn Resigns Board Position

The single biggest PITA for Yahoo has decided to leave his board position.

If you’re not aware of just how disruptive the self-labeled "activist investor" Carl Icahn has been, a quick review of our archives should bring you up to speed.

It appears that Carl Icahn isn’t happy unless he’s getting his way, and for all intents and purposes, he’s had his way with Yahoo. After criticizing the company for not selling to Microsoft, forcing his way onto the board of directors, then dumping a bunch of shares, our prediction that he was about to bail, has come true.

In a parting statement, Icahn appears to offer legitimate praise for Yahoo CEO Carol Bartz:

Is Carl Icahn Behind Yahoo’s New Talks with AOL?

How about a little game of Jeopardy? Here’s your "Mergers & Acquisitions" question for $500.

"He owns shares in Time Warner, was just named to the Yahoo board (along with two cohorts) and appears to be behind a new talks with Time Warner’s AOL unit."

If you answered "Who is Carl Icahn?" then you and I are on the same page.

The eternal disrupter, Carl Icahn’s rear end is barely warming his seat on Yahoo’s board, and we’re already seeing reports that the company is once again interested in negotiating with AOL.

The green light for the talks came as Yahoo’s directors met for the first time since activist investor Carl Icahn was granted access to the boardroom. Mr Icahn and two allies, former Viacom (NYSE:VIA.B) boss Frank Biondi and former Nextel head Frank Chapple, were given seats at the board table as part of a settlement to head off a revolt at the internet company’s last shareholder meeting.

Is Icahn Skipping Yahoo Annual Meeting so Shareholders Can Do His Dirty Work?

UPDATE: The votes are in and there are no surprises from the annual meeting.

On the surface, it appears newly appointed Yahoo board member Carl Icahn, is staying away from the company’s annual shareholder meeting for the good of the company.

On his blog, Icahn states:

I will not be attending. The proxy fight is over and it will not do shareholders or Yahoo! any good to have the annual meeting turn into a media event for no purpose.

It’s those words that have the rest of the media praising Icahn for knowing the difference between “activist shareholder” and troublemaker. But this Pilgrim’s not convinced Icahn’s motives are all selfless.

The AP is reporting that the Yahoo shareholder meeting will likely turn ugly, as unhappy shareholders voice their concern over not selling to Microsoft.

Yahoo Bares Its Teeth: Using Home Page, Legg Mason to Fight Icahn

Yahoo’s letter to shareholders yesterday was just the first step in their latest defense against Carl Icahn’s attempts to elect a proxy board at the shareholder meeting in two weeks. Today, Yahoo and its allies strike two more blows.

First, Yahoo has begun leveraging one of its biggest assests—one of (if not the) most popular home pages on the Internet. Yahoo has put a notice about the pending board election below the fold. TechCrunch spotted this earlier today, with a box on the Yahoo home page below-the-fold reading “Your Yahoo!. Your Vote.” An alternate form of the box, as seen by CNET, reads “We have a couple of exclamation points to make.” Finally, a third iteration quotes Carl Icahn:

yahoo home page quotes icahn