Software firm Computer Associates (CA) has paid $10m to end its boardroom battle with Texas billionaire Sam Wyly.
CA has agreed to pay the money to Wyly's investment firm, Ranger Governance, and to elect an additional director to the company's board.
In exchange, Ranger has dropped its challenge for five seats on the board, and agreed not to initiate any more proxy actions for five years.
CA chief executive officer Sanjay Kumar said that the board was "pleased to put this matter behind us".
Wyly launched his first campaign against CA last year, seeking to oust the incumbent board. He attacked the firm's poor financial record and customer relations, charges CA vehermently denied.
CA's board successfully fought off that challenge, gaining over 75 per cent of shareholder votes.
In June, Wyly launched a second campaign, seeking to obtain five seats on the board of the software maker after it became the target of two federal investigations.
But recent changes at CA, and the multimillion-dollar sweetner, appear to have cooled the billionaire's desire for a fight.
In May, CA adopted new corporate governance principles. In a prepared statement, Wyly said that the changes introduced "should yield good results for all shareholders in the future".
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