Yahoo Stalls Until Who Knows When
ADOTAS - Today, Yahoo announced its decision to extend the deadline for nominating directors to its board, seeking out more time to investigate alternatives to the buyout offer from Microsoft Corp. The deadline will be extended from March 14 to 10 days after the announcement of the date for Yahoo’s annual shareholders’ meeting said the company.
According to Reuters, the original deadline would have resulted in the now infamous proxy contest threatened by Microsoft. Shares of Yahoo rose 0.5% to $28.19 in early trading while Microsoft’s rose almost 1% to $27.85.
This extension will not prevent Microsoft from nominating directors; however it will allow Yahoo some time to potentially figure out an alternative. In a letter to employees filed with the Securities and Exchange Commission, Jerry Yang said “In light of the current circumstances, this change removes an imminent deadline. Microsoft, of course, could still choose to name directors, but our objective here is to enable our board to continue to explore all of its strategic alternatives for maximizing value for stockholders without the distraction of a proxy contest.”
The meeting could be held as late as mid-July of this year.
The New York Times reported that the extension has come at a time when “Yahoo has stepped up merger and joint venture talks with AOL.” The company put out a statement that said “As the company has not yet announced the date of this year’s annual meeting, the amendment will give stockholders who want to nominate one or more directors, including Microsoft Corporation, more time to do so. The amendment does not preclude any party from nominating one or more directors at any time prior to the new deadline.”
AOL CEO Randy Falco seemed to dispel the reports that the firm was in talks with Yahoo, saying to the New York Times that “I hope they beat each other’s brains out over search and leave the display market to us,” continuing that “I think it’s a mistake. But I think Napoleon said never interrupt your enemy when they’re in the middle of making a mistake.”
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