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Yahoo Fires Back

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Yahoo retaliated in the ongoing saga of Microsoft's hostile takeover attempt today by extending the deadline for nominations of its board of directors to some future date 10 days after it announces the date of its annual meeting.

Yahoo is taking its time making that decision, since if there's no annual meeting, there can be no vote by shareholders, bolstered by Microsoft, to replace Yahoo's existing board with a more Microsoft-friendly one. By postponing the possible house-cleaning of the current board, Yahoo also makes it more likely that it can reach a peaceful accord with Microsoft on an acquisition, or find another suitor willing to step in.

The plan could backfire on Yahoo if shareholders see this move as disenfranchising them from the decision to accept Microsoft's offer. Yahoo needs to hold its annual meeting within 13 months of its last one, which took place on June 12, 2007.


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