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Icahn Boomerangs Back to Yang, Gets Three Board Seats for His Troubles

hansavestheday.jpgWe can’t decide whether this is like the time gun-for-hire Han Solo reconsidered his selfish ways at the last minute and zoomed in to save Luke from Darth Vader. Regardless, with ten days to go until the Yahoo stock holder meeting we will bet this isn’t the last plot twist to come. The New York Post is reporting that proxy battler Carl Icahn has made good with Yahoo head Jerry Yang and in the process acquired three of the eleven seats on Yahoo’s board. You may recall how last week Icahn’s “stupid” joint bid with Microsoft to take over Yahoo completely failed. The Post calls the weekend reunion a “face-saving settlement” that came about after Icahn realized Microsoft’s Steve Ballmer was talking a bigger game than he was willing to play.

Ballmer basically played Icahn like a fiddle here,” said one Yahoo shareholder. “He told Icahn that he was still interested in Yahoo but refused to put a price out there that would have convinced shareholders to take a chance with his slate.
The end result is that Yang wins (for the moment, and who saw that coming?) and Icahn is left in the red for all that Yahoo stock he bought last spring: Yahoo stock dropped 3.5% yesterday.

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