Billionaire investor Carl Icahn reportedly has decided to move ahead with plans to run a dissident board slate at Yahoo Inc in an attempt to pressure the company into restarting negotiations with Microsoft Corp.

Icahn has lined up at least 12 directors to nominate as board replacements and could announce the slate as early as Wednesday night, Reuters reported, without citing sources for its information.

Frank Biondi, a veteran media executive and former head of Viacom Inc who has worked with Icahn on activist campaigns at Time Warner Inc and Motorola Inc has agreed to be a nominee, according to the report.

The deadline for nominating a dissident slate is Thursday for the July 3 annual meeting.

A Yahoo representative could not be immediately reached for comment.

Yahoo's board has been the object of criticism from the company's investors after rejecting Microsoft's initial bid of $44.6 billion, or $31 per share, and taking measures that ultimately drove away the software maker.

Yahoo shares rose 58 cents to close at $27.14 Wednesday on hopes that Icahn would lead a stockholder revolt. They gained another 51 cents in after-hours trading.