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How Carl Icahn Spent Last Weekend; Settlement Reached At 5:00 AM Monday

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While you were enjoying a nice summer weekend, Carl Icahn spent last weekend hammering out a settlement with the Yahoo (NSDQ: YHOO) board. Now that he has an agreement in place, Icahn is talking a little bit about the situation on his blog, The Icahn Report: “Many hours were spent over the weekend and I am very encouraged by the conversations I had with Roy Bostock and Jerry Yang. At 5 a.m. on Monday morning an agreement was finally reached. An important provision in the agreement which should not be overlooked is that it provided that I will be offered the chance to serve on any committee established to consider material transactions out of the ordinary course of business. I believe another important aspect of the agreement that should not be overlooked is that.”

He notes that while many large shareholders supported him, they were reticent about doing a major change. Now the question, why Yahoo agreed to the deal, remains something of a mystery.