Yahoo is relinquishing three seats on its board of directors to activist investor Carl Icahn, ending a battle for control of the Internet company while still leaving the door open for a possible sale to Microsoft .
The truce announced Monday gives Yahoo a reprieve from two months of bickering with Icahn, who had been spearheading a shareholder rebellion aimed at replacing the company's entire board in retaliation for its rejection of Microsoft's $47.5 billion takeover bid in early May.
The showdown had been scheduled to culminate in a shareholder vote at Yahoo's Aug. 1 annual meeting.
That gathering now looks like it will be a largely perfunctory affair to ratify a cease-fire that will give Icahn three of the 11 seats on Yahoo's expanded board.
Eight of Yahoo's current nine directors will remain on the board, leaving the company's current regime -- headed by Chairman Roy Bostock and Chief Executive Jerry Yang -- in the driver's seat.
And that leads to our Fast Money Reader Poll. Now that Carl Icahn is on the Yahoo! board, what happens next?
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