Icahn To Announce Full Yahoo (YHOO) Board Slate, Raise Hell*

Jerry Yang’s nightmare won’t end. Billionaire investor/agitator Carl Icahn has decided to file a board slate for Yahoo (YHOO), sources tell Reuters.

Icahn, who has amassed a large stake in the Internet company, has lined up at least 12 potential board candidates and could announce the slate as early as Wednesday night, the sources said. The deadline for nominating a dissident slate is Thursday.

Our guess: We’ll be seeing Frank Biondi Jr.‘s name again very soon.

*UPDATE: Frank Biondi is indeed on on the slate. And it’s a full slate, not a “short slate.” Icahn thinks–probably correctly–that he’ll need a big fat stick to swing at Yahoo, and a full slate provides that.

We suspect Icahn hopes the threat of impeachment will be enough to drive Yahoo’s board back to Redmond in short order–long before the July shareholder meeting. Icahn will likely canvass other Yahoo shareholders to assess how much support he has and then demand a meeting with Yahoo’s board. If he can demonstrate that he has the support of a significant percentage of Yahoo’s shareholders, we suspect Jerry Yang or Roy Bostock will soon be placing a call to Microsoft.

Microsoft has reportedly not yet agreed to entertain a deal, so Icahn may have some selling to do in Redmond, too. We suspect they’ll listen–why wouldn’t they?–but we doubt they’ll be willing to pay more than $33.

What does this mean? See Henry Blodget’s piece from this afternoon, “If Icahn Wins And MSFT Buys Yahoo, YHOO Goes to $30. Big Whoop.”

See Also:
Carl Icahn Gets The Old Gang Back Together Again
Carl Icahn, Comedian

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