Yahoo, the Internet company that spurned a $47.5 billion takeover bid from Microsoft, delayed its annual meeting after billionaire investor Carl Icahn...
Yahoo, the Internet company that spurned a $47.5 billion takeover bid from Microsoft, delayed its annual meeting after billionaire investor Carl Icahn started a campaign to unseat the board.
“It’s going to give them some time to either negotiate with Microsoft or deal with Carl Icahn,” said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware in Newark.
The meeting, originally set for July 3, will now occur at the end of that month, the Sunnyvale, Calif.-based company said Thursday in a corporate filing. Yahoo said the deal gives regulators time to review documents tied to the board election.
The move signals Yahoo chief Jerry Yang is under pressure to prove he can win investors back after rejecting an offer from Microsoft. Icahn said last week that he would seek control of the board if Yahoo directors failed to agree to a merger with Microsoft.
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Microsoft, which abandoned its bid for Yahoo on May 3, said Sunday it was pursing a new transaction with Yahoo that didn’t involve a takeover.
Compiled from Bloomberg News and Seattle Times staff