07/29/2008 05:12 am ET Updated May 25, 2011

Yahoo, Icahn Settle: Carl Gets 3 Seats, Agrees To Shut Up

Here's the official end of the Yahoo-Icahn proxy war: Yahoo will give the corporate raider 3 seats on its board (one for himself, plus two more), and Carl agrees stop fighting. The basics:

* Yahoo will keep 8 of its 9 existing directors; Activision/Blizzard CEO Bobby Kotick will leave.
* The board gets expanded to 11 seats. Carl gets one, and the board picks two more from a pool that includes his proposed slate, plus former AOL CEO Jon Miller. Which means: Carl, Miller and someone else join the Yahoo board, but won't be able to do anything beyond complaining at meetings.
* Yahoo and Carl explain how all the insults they lobbed back and forth at each other for the past few months, and in particular the past few weeks, were all nothing, really, and everything's going to be great now.

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