OMEN
05-07-2008, 06:50 PM
Shareholders have until May 15 to propose alternatives to the current board
Days after Microsoft Corp. abandoned its efforts to take over the company, Yahoo Inc. set its annual stockholders meeting for July 3.
According to Yahoo's amended bylaws, stockholders have until the close of business on May 15 to nominate alternatives to the current board.
Earlier this year, Yahoo lifted the deadline for nominating directors to its board in a move aimed at discouraging Microsoft from launching a proxy fight to replace the current board with one willing to approve the software vendor's takeover bid. It also amended its bylaws to state that potential directors could be nominated up to 10 days after the company publicly announced the date of its annual meeting of stockholders. Yahoo announced that date yesterday.
Meanwhile, in the wake of Microsoft's decision to withdraw its bid, two public pension funds, the Police & Fire Retirement System and the General Retirement System of the city of Detroit are planning to expand their complaint against Yahoo CEO Jerry Yang and other members of Yahoo's board, saying they failed to act in the best interest of shareholders by rejecting Microsoft's bid.
Lawyers at Bernstein Litowitz Berger & Grossman LLP representing those funds said that Yahoo's reported attempts to make deals with other companies, including Google Inc. and Time Warner Inc., while in talks with Microsoft indicate that Yang and the board didn't negotiate in good faith.
A spokesman for the law firm said none of its clients planned on nominating alternatives to Yahoo's board.
Compworld
Days after Microsoft Corp. abandoned its efforts to take over the company, Yahoo Inc. set its annual stockholders meeting for July 3.
According to Yahoo's amended bylaws, stockholders have until the close of business on May 15 to nominate alternatives to the current board.
Earlier this year, Yahoo lifted the deadline for nominating directors to its board in a move aimed at discouraging Microsoft from launching a proxy fight to replace the current board with one willing to approve the software vendor's takeover bid. It also amended its bylaws to state that potential directors could be nominated up to 10 days after the company publicly announced the date of its annual meeting of stockholders. Yahoo announced that date yesterday.
Meanwhile, in the wake of Microsoft's decision to withdraw its bid, two public pension funds, the Police & Fire Retirement System and the General Retirement System of the city of Detroit are planning to expand their complaint against Yahoo CEO Jerry Yang and other members of Yahoo's board, saying they failed to act in the best interest of shareholders by rejecting Microsoft's bid.
Lawyers at Bernstein Litowitz Berger & Grossman LLP representing those funds said that Yahoo's reported attempts to make deals with other companies, including Google Inc. and Time Warner Inc., while in talks with Microsoft indicate that Yang and the board didn't negotiate in good faith.
A spokesman for the law firm said none of its clients planned on nominating alternatives to Yahoo's board.
Compworld