Yahoo shareholders feuding again
2008-05-15 16:28:03 (GMT) (Caymanmama.com - Business News)New York City, New York (CaymanMama.com) –CNN reported that many Yahoo shareholders have announced that they are not satisfied with the ways that Yahoo negotiated with Microsoft. Yahoo has provided a time up to May 15 to the shareholders to select an alternate board of directors prior to its holding the annual meeting of shareholders. According to the Reuters, Carl Icahn, the billionaire activist, may take charge of removing the board of Yahoo.
On May 3rd, Microsoft withdrew its $47.5 billion proposal to purchase Yahoo. Icahn is considering a Yahoo shareholders revolt. The popular activist who also led a crusade against Time Warner, the parent company of Fortune, two years back is now currently involved in a campaign against Motorola. As per the reports, he has already prepared a list of twelve nominees for the board. Recently, he purchased 50 million Yahoo shares.
If in any case he or other shareholders do not submit another slate by Thursday, then they have one more option to vote against the board members at the July 3 annual meeting of the shareholders. All the ten board members are looking forward to a re-election. A director has to resign if the majority of votes are against him or her. However, it is the Yahoo board which ultimately decides to reject or accept the resignation.
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