Icahn Is Said to Weigh a Proxy Fight at Yahoo - New York Times

Maybe it is not over? Icahn is reported to own 50 million shares (over $1 Billion worth).

Icahn Is Said to Weigh a Proxy Fight at Yahoo - New York Times:

"Carl C. Icahn, the billionaire investor and activist shareholder, is considering a proxy fight for seats on the Yahoo board in hopes of pushing the company to restart talks to sell itself to Microsoft, people who have held discussions with him said on Tuesday"

Supposedly Microsoft is not interested.

"He has also inquired at Microsoft, through various friends, whether he could help bring that company back to the negotiating table, these people said. He has received little encouragement, these people said, because Microsoft has insisted that it has “moved on.”"

The stock is up quite a bit on the news, so it's either idle speculation or there may be something there.