Yahoo Settles With Icahn to Avert Control Battle

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BusinessYahoo Settles With Icahn to Avert Control BattleYahoo Settles With Icahn to Avert Control BattleThe Associated PressYahoo has reached a settlement with activist investor Carl Icahn that will put him and two of his nominees on an expanded board of directors. (July 21)Yahoo has reached a settlement with activist investor Carl Icahn that will put him and two of his nominees on an expanded board of directors. The agreement will avert a battle over control of the company that was expected at an August 1 shareholders vote.Under the agreement, Icahn will be appointed to the board and two other seats will be filled with his recommendations. Eight of the current board members will seek re-election. Icahn had wanted to replace Yahoo's directors to negotiate a sale of all or part of the company. Icahn sys he still believes the sale merits "full consideration." Microsoft had attempted to buy Yahoo earlier this year, and Icahn made clear he would try to negotiate a sale to the software company if he took control of Yahoo's board ___ ___, The Associated Press.(****END****)

Category: News
Uploaded: July 21st, 2008 @ 2:31 pm
Author: AssociatedPress

Length: 00:47
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Tags: avert battle control icahn microsoft settles yahoo

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