As already expected Billionaire invest Carl Icahn launching a proxy contest to unseat Yahoo Inc.'s board of directors according to the WSJ.

Mr. Icahn plans to nominate 10 directors to replace Yahoo's board before today Thursday. WSJ says that their source said Mr. Icahn's nominees will include former Viacom Inc. Chief Executive Frank Biondi, who has worked with Mr. Icahn on other proxy fights.

As reported Mr. Icahn has purchased 50 million Yahoo shares since Microsoft withdrew their offer to purchase the search company.

Mr. Icahn wants to push Yahoo back to negotiate with Microsoft again. Steve Ballmer sure has a big grin on his face observing Mr. Icahn's activities.
More details on the WSJ. Update: More details on the Proxy contest become available on WSJ.