It's all over but the shouting.

And when it comes to the fight over Yahoo and how to get Microsoft to make an offer of $33 per share or more, there will be shouting, as our Jack Flack has noted, and perhaps more than that.

But Carl Icahn's chances of securing some seats on the Yahoo board in a proxy challenge have dropped to near zero, as Bill Miller, chief executive of Legg Mason Capital Management, has announced that his fund will vote its 4.4 percent stake in Yahoo in favor of the current board.

"We believe the current board acted with care and diligence when evaluating Microsoft's offers. We believe the board is independent and focused on value creation for long-term shareholders," Miller wrote.

Noting that Icahn has said that Microsoft has made it clear that it cannot negotiate a deal with the current board, Miller said, "If Microsoft wants to acquire Yahoo, it can make the terms and conditions of its offer public. If Yahoo shareholders support it, I am confident the board of Yahoo will accept it."

Miller is a large and influential investor. Still, other big Yahoo shareholders, like Gordon Crawford at Capital Research Global Investors, which has a 6.5 percent stake, and John Paulson's hedge fund, which has a 3.6 percent stake, have made it clear that they are angry at Yahoo management and its board and are likely to back Icahn's slate.

Yet Yahoo's co-founders, Jerry Yang and David Filo, own roughly 10 percent of the company. A question mark is Capital World Investors, a sister fund of Capital Research Global, but one not controlled by Crawford, which also has about a 10 percent stake.

In any case, as Peter Kafka notes on Silicon Alley Insider, Microsoft, with or without an Icahn proxy challenge, will continue to run at Yahoo.

The proxy battle may be over, but the war goes on.