After selling Yahoo entirely to Micosoft, corporate raider Carl Icahn's second choice for Yahoo was for it to outsource search advertising to Google. That happened. And since then, Icahn's been awfully quiet, even as he's putting forward a slate to unseat Yahoo's current board of directors. Is Icahn content to sit back and watch his slate lose? Not according to the Wall Street Journal, which reports that he and Microsoft are still working in cahoots:
In recent days, representatives for Microsoft have met with Mr. Icahn to encourage him to press his proxy contest as a way to keep pressure on Yahoo to enter into a deal that would lift its share price, say people familiar with the matter.
A more likely explanation for Icahn's quietude: despite early indications he'd profit from the ordeal, he's since taken a bath on his investment. (Photoillustration by Jackson West; photo of Icahn by AP/Mark Lennihan)