Microsoft/Yahoo: No easy flip

Microsoft’s chances of nabbing Yahoo on the cheap have receded dramatically. The internet company just inked a deal with activist investor Carl Icahn that hands him three of the company’s 11 board seats. This lets Yahoo avoid an ugly proxy fight without dulling the fire under its executives. It also means that Icahn won’t be flipping the company for a song anytime soon. Icahn could have made a quick buck by replacing Yahoo’s board with his slate of dissident directors and forcing a sale to Micr...