Icahn Targets Yahoo! Board of Directors

Since Microsoft withdrew its offer for Yahoo! at the beginning of the month, Icahn has acquired roughly 59 million Yahoo! shares for more than $1.5 billion. According to The Wall Street Journal, Icahn is seeking antitrust clearance from the Federal Trade Commission to acquire another $1 billion worth of Yahoo! stock. Microsoft believed a merger would better position the company to take on search titan Google (GOOG Quote).

Icahn's 10 nominees include himself, Icahn Enterprises' Keith Meister, Dallas Mavericks owner Mark Cuban, former Viacom (VIA.B Quote) CEO Frank Biondi Jr., Adam Dell, Lucian Bebcuk, John Chapple, Edward Meyer, Brian Posner and Robert Shaye.

Recently, Icahn reached an agreement with Motorola (MOT Quote) to put Meister on the troubled handset maker's board of directors.

Shares of Yahoo! rose 61 cents, or 2.3%, to $27.75, bringing them close to the levels they were trading at before Microsoft withdrew its $47.5 billion offer. The stock is up more than 10% over the last week.

Icahn is known for swooping in and buying up shares of struggling companies in order to influence the way they operate. In addition to his battle with Motorola's board, he recently bought a stake in BEA Systems and then pushed for a takeover by Oracle(ORCL Quote).

Staff reporter Robert Holmes contributed to this article.