Carl Icahn is down a couple hundred million dollars on his Yahoo (YHOO) gamble. His buddies, Boone Pickens and Dan Loeb–if they haven’t run for the hills–are getting buried, too. So they want blood (in the form of control).
Yahoo, meanwhile, is getting shelled from all sides for blowing the Microsoft deal, especially as its stock sags back toward the teens. There’s at least some chance that Jerry and the board will be tossed out on their rears at next month’s shareholder meeting. So Yahoo’s trying to find some way to broker a peace.
Specifically, Yahoo is considering bribing Icahn by giving him two board seats, says Kara Swisher. Of course, Icahn’s smart enough to know that all this will do is allow him to insult Yahoo board members in person a few times a year, so he wants more. Specifically, he wants four.
Four seats wouldn’t give Icahn a majority (the board is currently 9), but it would put him in a position in which he only had to persuade one additional member to make changes.
The first change he’d make? Based on his previous vituperations, tossing Jerry.
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