Yahoo nominated 9 of its 10 existing directors for re-election to the company’s board on Thursday, setting the stage for a showdown with dissident shareholders at its annual shareholder meeting.
Yahoo also postponed its annual meeting from July 3 and said it now expected to hold it at the end of July.
The Internet media company also disclosed in a regulatory filing that shareholders other than the investor Carl C. Icahn planned to nominate candidates to its board. Yahoo said it did not believe these shareholders had complied with its company bylaws.
Mr. Icahn, who recently amassed 10 million Yahoo shares and options to buy an additional 49 million, started a proxy campaign last week to replace Yahoo’s board with directors who would reopen merger talks with Microsoft.
Microsoft walked away from its sweetened $47.5 billion offer for Yahoo this month.
Post a Comment