Yahoo Postpones Boardroom Showdown

Company buys more time to prepare for proxy battle
By Rob Quinn,  Newser Staff
Posted May 23, 2008 9:15 AM CDT
Yahoo Postpones Boardroom Showdown
Carl Icahn, seen here in a 2007 file photo, has launched a proxy contest to unseat Yahoo Inc.'s board.   (AP Photo/Mark Lennihan, file)

Yahoo has pushed back its annual shareholder meeting for a second time, reports Forbes, delaying a showdown for control of its board. One of Yahoo's 10 directors resigned yesterday, leaving nine up for re-election at the meeting. Carl Icahn has nominated an alternate slate of directors, including himself, and will try to push through a deal with Microsoft if victorious.

The meeting will now take place at the end of July instead of on the original date of July 3, giving the company more time to prepare for the battle with Icahn amid mounting pressure. "I actually think this helps Icahn, because it gives him more time to drum up support for his efforts," a corporate governance expert said. "But it may also give Yahoo more time to work out some kind of alternate transaction with Microsoft." (More Yahoo stories.)

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