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Blow To Icahn: Legg Mason To Support Incumbent Yahoo Slate

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imageIcahn’s proposed Yahoo (NSDQ: YHOO) board slate may be toast. Legg Mason, a holder of 60.7 million shares (4.4 percent), has decided to support the incumbent Yahoo slate. In a statement, Legg Mason Capital Management Chairman Bill Miller endorsed the actions of the current board during its back and forth with Microsoft (NSDQ: MSFT), saying they acted with “care and diligence.”

He did say, however, that he would be happy if Yahoo and Icahn reached some sort of compromise: “In general, we believe it is appropriate for large shareholders to have representation on corporate boards if they so desire. Mr. Icahn’s slate includes people experienced in technology, advertising, capital markets and governance. We would prefer that the company and Mr. Icahn reach a mutual agreement on the composition of the Board and end this disruptive proxy contest.”

Full statement.