• Dow Jones Newswires, Monday, August 4, 2008 12:15 PM

The Yahoo board on Friday easily won the support of most of its shareholders, as officials served up "a spirited defense" of the Web giant's strategy, according to Dow Jones Newswires. Chairman Roy Bostock pointed out that Yahoo had met its financial targets (such as they were) in the first two quarters of the year. He also reaffirmed the company's guidance for the rest of '08, and deflected concerns over the botched deal with Microsoft.

"I think that is one hell of a performance for this management team considering what they been through the last six months," Bostock said. That may be, but Yahoo is still under increasing pressure to show investors that it can grow its business, which has faced diminishing growth rates for several quarters in a row.

Bostock also supported the board's handling of the six-month long Microhoo saga. "I want to make it absolutely clear -- the board controlled the process of dealing with Microsoft right from the beginning. Every step along the process our number one priority was to maximize shareholder value," he said. Microsoft, of course, scoffed at his remark. "Yahoo is attempting to rewrite history yet again with statements that are not supported by the facts," a Microsoft spokesman said.

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