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Yahoo! Inc. today released a statement stating that it has reached proxy contest settlement agreement with Carl Icahn. Carl Icahn back down from proxy contest in return to three board seats of Yahoo!
Yahoo! board will be expanded to 11 members with Carl Icahn as a board member along with two others. Two remaining board seats will be decided later by board's Nominating and Governance Committee from a list of 9 candidates recommended by Carl Icahn.
Below is the snippet of official press release from Yahoo!
"We are gratified to have reached this agreement, which serves the best interests of all Yahoo! stockholders," said Yahoo! Chairman Roy Bostock. "We look forward to working productively with Carl and the new members of the Board on continuing to improve the Company's performance and enhancing stockholder value. Yahoo! is a world-class company with an extremely bright future, and collaborating together, I believe we can help the Company achieve its ambitious goals."And Carl Icahn said.
"I am very pleased that this settlement will allow me to work in partnership with Yahoo!'s Board and management team to help the Company achieve its full potential. 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. I believe this is a good outcome and that we will have a strong working relationship going forward. Additionally, I am happy that the board has agreed in the settlement agreement that any meaningful transaction, including the strategy in dealing with that transaction, will be fully discussed with the entire board before any final decision is made."Now proxy fight is over so Yahoo! can focus on it's growth to be first destination for all internet users.
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Yahoo! Announces Settlement with Carl Icahn Sphere: Related Content
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