Well, maybe Icahn can save them from themselves. Who? Yahoo!'s board of course.

Seems Carl Icahn, whom earlier reports had considering moving in on Yahoo! Inc. (NASDAQ: YHOO)'s board, has made a decision. The billionaire activist investor, who has amassed some 50 million shares of the internet portal company to a 3.6% stake, is planning "to move ahead with plans to run a dissident board slate at Yahoo," according to Reuters.

A Reuters source said that already he has lined up at least 12 potential board candidates and could announce the slate as early as tonight, ahead of Thursday's deadline.

It's not just that Yahoo! has so offhandedly rejected Microsoft Corp. (NASDAQ: MSFT)'s attempts to buy it, but it's also -- and probably mainly -- the way the company has been managed for some time now. It's not just Jerry Yang, the current CEO, but his predecessor Terry Semel as well. Yahoo! has been behind the curve in technology and trend, not only losing market share in search, but mainly failing to capitalize on its assets and the traffic they generate.

Already following the early reports today, Yahoo shares finished the day up 2.18%. Now, in after-hours it's gaining another 1.5%. Yahoo! investors seem to put their trust in Icahn.