Yahoo and Icahn Reach Agreement

The Wall Street Journal is reporting that Yahoo has reached an agreement with Carl Icahn, the activist investor who has been waging a proxy contest to unseat the board and push Yahoo closer to a deal with Microsoft.

Yahoo said Mr. Icahn will join the board himself. The board will be expanded to 11 members, eight current members will stand for re-election and the remaining two seats will be filled from among candidates recommended by Mr. Icahn. Yahoo said the entire board will then discuss any meaningful transaction.