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Yahoo postpones meeting, delaying crisis

Latest update : 2008-05-23

A Yahoo general meeting set for July 3rd has been pushed to the end of July after investor Carl Icahn said he wanted to name new board members in the wake of Microsoft's failed takeover bid.

Internet information giant Yahoo said on Friday that it had delayed a general meeting of shareholders due on July 3, saying this arose from a move by investor Carl Icahn, who wants to name some board members.

Yahoo, which recently and controversially turned down an improved takeover bid by software giant Microsoft worth about 50 billion dollars (32 billion euros), said that the meeting would probably now be held at about the end of July.

A document from Yahoo on the website of the US markets regulator SEC said that the delay was needed for regulators to study documents concerning the meeting, including the move by Icahn.

Yahoo said it had been notified that Icahn intended to put forward 10 candidates to be board members.

Icahn is known as an investor who takes holdings in companies in difficulties so as to influence strategy.

On May 15 he said he was going to campaign among Yahoo shareholders for replacement of the entire board and sell the company to software Microsoft.

Icahn said he had bought 59 million shares in Yahoo equivalent to about 4.3 percent of the capital, and that he would seek permission from anti-trust authorities to invest up to 2.5 billion dollars which would represent a holding of about seven percent at current prices.

Icahn has gained support from several big shareholders in Yahoo, including investment fund Paulson & Co which holds 3.7 percent of the company.

Date created : 2008-05-23