Yahoo has also nominated nine of its ten existing directors for re-election to the company's board, setting the stage for a confrontation with dissident shareholders, led by corporate activist Carl Icahn, at its annual shareholder meeting. According to a regulatory filing in the US, shareholders other than Icahn plan to nominate candidates to its board, although Yahoo said it did not believe these shareholders had the right to do so.
Earlier this month, following the collapse of talks between Microsoft and Yahoo, Icahn launched an attempt to replace Yahoo's 10-person board - a move aimed at pressuring the company into reopening takeover talks with Microsoft. The corporate activist reportedly asked 12 people whether they would be willing to serve on the Yahoo board if asked. Among those asked is former Viacom chief executive Frank Biondi.
Icahn, the corporate raider who specialises in shaking up under-performing companies, has purchased a 3.5% stake in Yahoo since Microsoft withdrew its offer to buy the company.
The showdown pitting Yahoo's board of directors against Icahn and other shareholders was originally meant to take place at the company's annual meeting on July 3.
However, Yahoo wants to move the meeting to an undetermined date in late July, according to a filing with the Securities and Exchange Commission. It is the second time Yahoo has postponed its annual meeting, usually held in May or June.
Earlier this month, following the collapse of talks between Microsoft and Yahoo, Icahn launched an attempt to replace Yahoo's 10-person board - a move aimed at pressuring the company into reopening takeover talks with Microsoft. The corporate activist reportedly asked 12 people whether they would be willing to serve on the Yahoo board if asked. Among those asked is former Viacom chief executive Frank Biondi.
Icahn, the corporate raider who specialises in shaking up under-performing companies, has purchased a 3.5% stake in Yahoo since Microsoft withdrew its offer to buy the company.
The showdown pitting Yahoo's board of directors against Icahn and other shareholders was originally meant to take place at the company's annual meeting on July 3.
However, Yahoo wants to move the meeting to an undetermined date in late July, according to a filing with the Securities and Exchange Commission. It is the second time Yahoo has postponed its annual meeting, usually held in May or June.
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