Carl Icahn and Yahoo have settled their proxy fight. Icahn will join Yahoo's board of directors, and he will get two accomplices on Yahoo's newly expanded 11-person board. After a modest rise at the end of last week, Yahoo's shares are again trading down below $22. Everyone is wondering what this does to the Microsoft deal, and the answer is that the deal seems very much alive. Icahn is no shrinking violet, and allowing him into the boardroom is not going to give Yang and the other incumbent yahoos a respite from his pressure to do a deal. Yang knows full well that Icahn is not in the business of managing companies. He is in the business of making deals.
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