Yahoo! postpones annual meeting on proxy fight threat
Internet major Yahoo! has postponed the annual meeting of its shareholders following billionaire investor Carl Icahn's threat earlier this month to launch a proxy fight to oust the company's board of directors.
By PTI |
NEW YORK: Internet major Yahoo! has postponed the annual meeting of its shareholders following billionaire investor Carl Icahn's threat earlier this month to launch a proxy fight to oust the company's board of directors.
The meeting, which was scheduled to be held on July 3, is now expected to be convened around the end of July, Yahoo! said in a regualtory filing Thursday.
In an open letter to Yahoo! chairman Roy Bostock on May 14, Icahn threatened to launch a proxy fight to replace Yahoo!'s board of directors, saying that the internet major acted irrationally in merger talks with software giant Microsoft.
Earlier this month, Microsoft withdrew its 33 dollars per share bid for the internet firm after talks between the two failed to make any headway.
In the filing, Yahoo! said it is postponing the annual meeting until a date to be determined by the Board of Directors, pending review and clearance of the company's proxy materials by the US' market regulator Securities and Exchange Commission.
"The date for the annual meeting is currently expected to be around the end of July 2008," it added.
Icahn also said that he had created a 10-person slate, which would stand for election to Yahoo!'s board.
"On May 14, 2008, certain entities affiliated with Carl C Icahn provided notice to the company that they intend to nominate their own slate of ten nominees for election as directors at the company's 2008 annual meeting," Yahoo! said in the filing.
The meeting, which was scheduled to be held on July 3, is now expected to be convened around the end of July, Yahoo! said in a regualtory filing Thursday.
In an open letter to Yahoo! chairman Roy Bostock on May 14, Icahn threatened to launch a proxy fight to replace Yahoo!'s board of directors, saying that the internet major acted irrationally in merger talks with software giant Microsoft.
Earlier this month, Microsoft withdrew its 33 dollars per share bid for the internet firm after talks between the two failed to make any headway.
In the filing, Yahoo! said it is postponing the annual meeting until a date to be determined by the Board of Directors, pending review and clearance of the company's proxy materials by the US' market regulator Securities and Exchange Commission.
"The date for the annual meeting is currently expected to be around the end of July 2008," it added.
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Icahn also said that he had created a 10-person slate, which would stand for election to Yahoo!'s board.
"On May 14, 2008, certain entities affiliated with Carl C Icahn provided notice to the company that they intend to nominate their own slate of ten nominees for election as directors at the company's 2008 annual meeting," Yahoo! said in the filing.
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