Carl Icahn's going after the Yahoo board...

Billionaire investor Carl Icahn is launching a proxy contest to unseat Yahoo Inc.'s board of directors, according to a person close to the matter -- a move aimed at pressuring the Internet company to reach out to Microsoft Corp. to re-start sale discussions.Mr. Icahn plans to nominate 10 directors to replace Yahoo's board before a deadline Thursday, the person said. Mr. Icahn's nominees will include former Viacom Inc. Chief Executive Frank Biondi, who has worked with Mr. Icahn on other proxy fights.Some major Yahoo shareholders have expressed disappointment that the Sunnyvale, Calif., company didn't reach a deal to sell to Microsoft, which withdrew its unsolicited offer May 3. Some shareholders have contacted Mr. Icahn to urge him to take action, said people close to the matter. Reuters previously reported Mr. Icahn's decision to proceed with a proxy effort.