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Yahoo Postpones Annual Meeting

  • Various, Friday, May 23, 2008 12:03 PM
Yahoo has postponed its annual meeting from July 3 to "around the end of July," citing a planned proxy fight by Carl Icahn and the need for regulators to review the company's proxy materials. The decision comes as board member Edward Kozel resigned and Yahoo nominated the other nine directors for re-election in the face of Icahn's proxy fight. Icahn has already selected his board members, which include Frank Biondi and Mark Cuban.

The Internet media company also disclosed in a regulatory filing that shareholders other than the Icahn planned to nominate candidates to its board. Yahoo said it did not believe these shareholders had complied with its company bylaws.

Icahn, who recently amassed 10 million Yahoo shares and options to buy an additional 49 million, started a proxy campaign last week to replace Yahoo's board with directors who would reopen merger talks with Microsoft. Microsoft walked away from its sweetened $47.5 billion offer for Yahoo this month.

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