Professor Michael Klausner is quoted in a San Jose Mercury News story about an agreement between Carl Icahn and Yahoo:

In his heart, Icahn may never have wanted to take over the entire board, because it would leave him in a weaker position to negotiate with Microsoft, said Michael Klausner, an expert on business at Stanford Law School.

...

Keeping Yang and the current leadership helps Icahn say no to a Microsoft offer he doesn't like, Klausner explained, because it preserves the option of operating independently, at least for a while.

"What he does want is a deal with Microsoft, but at the right price," Klausner said.