In April, before Microsoft's ultimatum for Yahoo to accept its bid came to pass, Legg Mason threw its support behind Yahoo. Now the investor group is continuing its support of Yahoo and plans to vote for the current board at the upcoming August 1 shareholders meeting.
However, Legg Mason did advise Yahoo and Carl Icahn to bury the hatchet by the time of the meeting. Icahn has submitted a proxy board to replace the current board and has been in talks with Microsoft for a deal should his board win.
Legg Mason owns 60.7 million shares of Yahoo, adding up to 4.4% of the total shares.