Yahoo said yesterday that it will hold its shareholder meeting on July 3rd. Shareholders now have 10 days to nominate any dissident director. Yahoo’s decision comes days after Microsoft withdrew its unsolicited $33-a-share buyout bid for the company. Unhappy shareholders may seek retribution for the company’s decision to remain independent instead of accepting a $47.5 billion takeover by Microsoft, the AP reported.
Yahoo’s full board of 10 director seats come up for re-election to one-year terms at that meeting The main purpose of unseating Yahoo’s entire board would be to remove Yahoo’s anti-takeover measure, called a shareholders right plan or ‘poison pill’.
Any shareholder who wants to run candidates against Yahoo’s nominees for the board will be able to put their names forth to Yahoo’s corporate secretary by the close of business on May 15.