as low as $20 per share on May 5, which would put significant pressure on Yang to engineer a turnaround of the company. Some suggested that institutional investors would file lawsuits against Yahoo!'s board of directors for not acting in shareholder interest by refusing Microsoft's offer. On May 5, 2008, following Microsoft's withdrawal, Yahoo!'s stock plunged some 15% lower to $23.02 per share in Monday trading and trimmed about $6 billion off of its market capitalization. On June 12, 2008, Yahoo! announced that it had ended all talks with Microsoft about purchasing either part of the business (the search advertising business) or all of the company. Talks had taken place the previous weekend (June 8), during which Microsoft allegedly told Yahoo! that it was no longer interested in a purchase of the entire company at the price offered earlier – $33 per share. Also, on June 12, Yahoo! announced a non-exclusive search advertising alliance with Google. Upon this announcement, many executives and senior employees announced their plans to leave the company as it appeared they had lost confidence in Yahoo!'s strategies. According to market analysts, these pending departures impacted Wall Street's perception of the company. On July 7, 2008, Microsoft said it would reconsider proposing another bid for Yahoo! if the company's nine directors were ousted at the annual meeting scheduled to be held on August 1, 2008. Microsoft believed it would be able to better negotiate with a new board. Billionaire investor Carl Icahn, calling the current board irrational in its approach to talks with Microsoft, launched a proxy fight to replace Yahoo!'s board. On July 21, 2008, Yahoo! settled with Carl Icahn, agreeing to appoint him and two allies to an expanded board. On November 20, 2008, almost 10 months after Microsoft's initial offer of $33 per share, Yahoo!'s stock (YHOO) dropped to a 52-week low, trading at only $8.94 per share. On November 30, 2008, Microsoft offered to buy Yahoo!'s search business for $20 billion. On July 29, 2009, it was announced in a 10-year deal that Microsoft would have full access to Yahoo!'s search engine to be used in future Microsoft projects for its search engine, Bing. Under the deal, Microsoft was not required to pay any cash up front to Yahoo!. The day after the deal was announced, Yahoo!'s share price declined more than 10% to $15.14 per share, about 60% lower than Microsoft's takeover