Yahoo strikes deal with Icahn

On Monday Yahoo gave in to the pressure from corporate raider Carl Icahn ahead of the annual meeting and granted him three seats on the company’s board, ending a proxy fight for the control of the online giant. Yahoo said its board will be expanded to 11 members, one of whom will be Icahn, who will be able to recommend two other directors.

The settlement names eight members of the board of directors eligible for re-election. The line-up includes CEO and co-founder Jerry Yang and chairman Roy Bostock.It does not include Robert Kotick, the ActivisionBlizzard (ATVID) CEO, who is stepping down from the board of the Sunnyvale, California-based company, as defined in the agreement with Icahn.