SUNNYVALE, Calif. - Yahoo Inc. has reached a settlement with activist investor Carl Icahn to avoid a battle for control of the company.

The agreement announced Monday will avert a confrontation in a shareholders vote Aug. 1.

Under the agreement, eight members of the current board will seek re-election. Icahn will be appointed to the board, and two other seats will be filled based on a list of nine candidates recommended by Icahn.

Icahn had wanted to replace Yahoo's directors with his own slate to negotiate a sale of all or part of Yahoo.

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