Yahoo, wanting explore alternatives to a Microsoft takeover, have taken a step to free up some time to do so.
Yahoo said they will be extending the deadline for the nomination of directors to its board. These nominations were previously scheduled for the 14th March but Yahoo now say that an exact date was not set so the annual meeting could be scheduled for a later date allowing them breathing space.
This nomination process is of key importance to Microsoft because after Yahoo rejected the buyout offer they have threatened to nominate their own slate of directors who would obviously agree to the takeover.
Microsoft went public with the bid for the company last month after apparently being in talks for around a year. The bid of $42 billion in cash and stock, worth more than Yahoo’s market value at the time was rejected as the board felt the price undervalued the company, even when they were struggling to compete with Google’s online advertising revenue.
Source: www.mercurynews.com/archivesearch/ci_8464569
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