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Yahoo shareholder meeting set for August 1

Flak will fly over failed Microsoft bid

Microsoft target Yahoo will hold its annual shareholder meeting on August 1, according to a Tuesday filing with the US Securities and Exchange Commission.

The meeting, to be held at The Fairmont hotel in San Jose, California, was originally scheduled for July 3, but Yahoo said last month it would delay the meeting until the end of July.

The shareholder meeting promises to be contentious, as Yahoo grapples with the fallout over resisting a $44.6bn acquisition offer from Microsoft.

Investor Carl Icahn, who believes Yahoo should have accepted Microsoft's offer, plans to nominate 10 people as candidates to replace Yahoo's board of directors. If the move is successful, he reportedly plans to oust Yahoo co-founder Jerry Yang, who is CEO as well as a board member.

Icahn, known for his aggressive moves toward companies he invests in, has bought millions of Yahoo shares since Microsoft's takeover offer became public in February.

See also:

Icahn aims to oust Yahoo CEO Yang over MS bid

In the filing, Yahoo said it plans to nominate nine people for the board. Two other stockholders plan to nominate themselves for positions on the board, while a third investor is planning to offer another slate of nine candidates for the board, the filing said.

Yahoo will also consider three other proposals from stockholders: one that would tie executive pay to performance, one that would set standards for operating in countries that censor the Internet and one that would establish a company committee that looks at human rights issues.

Yahoo is recommending shareholders vote against all three proposals.

Related articles:

Yahoo: Microsoft has pulled plug on acquisition bid

Analysis: Microsoft wants Yahoo search assets

Timeline: Microsoft's bid for Yahoo

Visit PC Advisor's Microsoft spotlight for the latest Microsoft news and opinion


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