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Update: Yahoo, Icahn Reach Compromise

Yahoo investor Carl Icahn has agreed to put his proxy fight to rest in exchange for three board seats.Icahn, of course, will fill one of those seats; the other two will be chosen from a list of his nine hand-picked recommendations. Eight of the nine current Yahoo board members will be up for re-election, while Robert Kotick, CEO of Activision Blizzard, will step down. Shareholders meet Aug. 1.

Says Icahn, in this statement issued by Yahoo: "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."

As late as Friday, Yahoo had set up a Web site stating why Icahn's plan wasn't in the company's best interest and encouraging shareholders to re-elect its current board.Los Angeles Times, TechCrunch

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