Earlier this month Yang announced he will step down as soon as the board of directors finds his replacement. According to filings with the Securities and Exchange Commission, Icahn gobbled up 6.8 million shares at about $9.92 each, ramping his stake in the company to 5.5 percent.
Shares of Yahoo started an early ascent, moving up 8.88 percent to close at $11.52 Friday. Investors are also biting on rumors there may another round of talks regarding a merger with Microsoft (Nasdaq: MSFT) in the upcoming months.
Earlier this summer, when Yahoo’s board of directors rejected a $47.5 billion takeover offer from Microsoft, Icahn retaliated with threats to replace the board. In a diplomatic move, Yahoo offered Icahn a seat on the board as well as two more seats reserved for members of his choice.
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