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It seems to me like if something like this were to succeed - Icahn forcing the current board out and replacing it with a group whose primary qualification seems to be that they'd approve a sale - Yahoo would lose a lot of leverage to negotiate a favorable price for its shareholders. Does anyone know how that's dealt with? Would he already have agreed to terms with MS before initiating this?

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It will still be the boards responsibility to get the best deal for the shareholders. It is also unlikely that MS could go down from their $33/share bid that they already committed to. But I do see your point.

Yahoo lost a lot of leverage when they flipped the bird at Microsoft. A $33/share offer was gold and they left a lot of money on the table. Yahoo is in a really tight corner now with pissed off shareholders. I wonder how likely a merger with Google is at this point of if that would make any sense for Google.

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