Back in the Roaring 1980s, Carl Icahn was known as a prototypical corporate raider as he went hostile on a myriad of old-world companies such as B. F. Goodrich and American Can.

Now, in his early 70s, Icahn hasn't slowed down much. Funny enough, these days he's targeting tech companies, like BEA, Motorola (NYSE: MOT) and, of course, Yahoo! (NASDAQ: YHOO). Hmmmm... maybe these companies have become bloated and mature -- just like the laggards of the 1980s?

Perhaps so. After all, Icahn's strategy is to agitate for change, such as for cost cutting, share buybacks and higher dividends.

As for his pursuit of Yahoo (which involves a proxy fight), it's certainly a gutsy play. Simply put, there's no guarantee that Microsoft (NASDAQ: MSFT) will come to the table again. So far, the company is doing a good job in showing disinterest.

One thing is guaranteed: Yahoo will fight back. In fact, the company has already responed to Icahn's letter – saying that he has a "significant misunderstanding" of the facts regarding the proposed buyout of Microsoft.

What's more, the CEO of Yahoo, Jerry Yang, has sent an email to employees and stressed that the company is on the right track. That is, he highlighted the Q1 results (which, to me, weren't spectacular).

Yet, Icahn likely has much support as there are major hedge funds in Yahoo stock, and they are mostly interested in a quick payoff. For example, the mega hedge fund, Paulson & Co., has purchased 50 million shares of Yahoo, according to The Wall Street Journal.

Although, with the proxy process, it will be a bit of a slog, but that's nothing new for Icahn. It's all a part of his strategy.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.