Carl C Icahn

Yahoo Inc.'s board of directors landed its first endorsement from a major institutional shareholder Friday, giving it momentum in the fight with investor-agitator Carl Icahn over control of the Internet company. Bill Miller, who as Legg Mason Capital Management's chief investment officer controls 4.4% of the stock in Yahoo, said he would vote to keep the current board in place instead of backing a dissident slate nominated by Icahn. Icahn has allied with Microsoft Corp.

After shooing away Oracle Corp.'s $6.7-billion takeover bid, business software maker BEA Systems Inc. dug in its heels for a potentially disruptive battle with its largest shareholder, activist investor Carl Icahn. In a letter sent to Icahn on Monday, BEA's board of directors reiterated its willingness to sell the San Jose-based company for $21 a share -- about $1.5 billion more than Oracle offered before retracting the bid late Sunday.

Oracle Corp. withdrew a $6.7-billion bid for business software maker BEA Systems Inc. on Sunday, setting the stage for a proxy battle between activist investor Carl Icahn and the BEA board. The world's No. 3 software maker pulled the $17-a-share bid after a deadline lapsed with no sign that BEA had budged from its view that it was worth $21 a share, or $8.2 billion. "BEA shareholders should not assume that Oracle will renew its $17-per-share offer in the future," Oracle said in a statement.

Biotechnology firm Biogen Idec Inc. said Friday that it was exploring a possible sale of the company and that billionaire Carl Icahn, who had recently bought company shares, had expressed interest. The announcement was made after the close of trading Friday, when Biogen Idec shares reached a record high. The Cambridge, Mass.

WCI Communities Inc., a Florida home builder that has lost more than half its market value this year, said its board elected billionaire investor Carl Icahn as chairman and abandoned plans to sell the company. The Bonita Springs, Fla., company said it made the decision on the sale after failing to receive any bids. WCI said it would continue to explore alternatives including a rights offering.

Shareholders of WCI Communities Inc. elected billionaire Carl Icahn to the board of the struggling home builder, more than four months after management rejected his $22-a-share takeover bid.

WCI Communities Inc., the condominium developer that put itself up for sale, reached agreement on a new board with billionaire investor Carl Icahn, its biggest shareholder. Icahn will nominate three candidates including himself, the Bonita Springs, Fla.-based company said. WCI and Icahn also will nominate candidates from Sandell Asset Management and S.A.C. Capital Advisors. The settlement ends Icahn's effort to oust the board and Chairman Don Ackerman.

Billionaire investor Carl Icahn cut his stake in Time Warner Inc. by almost half in the first quarter while adding shares of oil and railroad companies. Icahn's funds reduced holdings of New York-based Time Warner to 12.9 million shares from 25 million at the end of December, according to Securities and Exchange Commission filings. He bought 3.1 million shares of oil producer Anadarko Petroleum Corp. and 4.59 million shares of oil drilling-rig contractor Pride International Inc.

Billionaire investor Carl Icahn failed to win a seat on Motorola Inc.'s board after a three-month campaign in a victory for Chief Executive Ed Zander. The world's second-largest mobile-phone maker gave the preliminary results in a statement Monday after its annual meeting in Chicago and said the final tally might take a few weeks. Icahn had said Monday that he did not expect to win a seat on the Motorola board because three or four large mutual fund shareholders were likely to vote against him.

Motorola Inc. said Carl Icahn lacked the commitment and seriousness needed to join its board, escalating a campaign against the billionaire investor's bid to become a director. Icahn views board membership as a "mere adjunct to his investing activity," Schaumburg, Ill.-based Motorola said in a letter to investors. Shareholders will vote Monday on Icahn's board nomination at their annual meeting. Icahn, who controls 2.