How much longer ‘til we get there?
Last modified on Friday, 23 May 2008 08:03
In another episode of “As the Worm Turns,” Yahoo has nominated nine of its ten existing directors for re-election to the Board of Directors, ignoring shareholder Carl Icahn’s threatened proxy battle and proposed replacement slate of Directors to Yahoo’s Board. The nomination of the existing Directors sets the stage for a wild west-style showdown (sans guns) with dissident shareholders at its Annual Shareholder Meeting.
As part of another chess move, Yahoo postponed the Annual Shareholder Meeting from July 3rd to the end of July. In its mandatory regulatory filing Yahoo disclosed that there are other shareholders who have indicated they plan to nominate their own slate of candidates to the Board. Another filing also disclosed that Edward Kozel, one of Yahoo’s ten Directors, had resigned, and that Yahoo had accordingly reduced the number of Directors on the Board to nine.
An extension for new shareholder proposals has been given, with the new date for filing now being close of business on June 3rd. We’re personally ready to yell “Uncle!” over the back and forth matter with Yahoo, its Board, its renegade shareholder, Carl Icahn, and Microsoft. But the story is not over yet. We’ll keep you in the loop as it unfolds.