Yahoo Delays Board Nominations to Slow Microsoft
It's an obvious move, but one that removes a looming deadline from the horizon.
[Yahoo] has amended the Company's bylaws to extend the deadline for nominating directors to Yahoo's board from March 14th to 10 days following the public announcement of the date for Yahoo!'s 2008 annual meeting of stockholders. 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.
[Yahoo] has amended the Company's bylaws to extend the deadline for nominating directors to Yahoo's board from March 14th to 10 days following the public announcement of the date for Yahoo!'s 2008 annual meeting of stockholders. 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.
Translation: employees, Microsoft, shareholders and analysts continue to stew while Yahoo explores other options. CEO Jerry Yang also sent out an email to employees (in his typical punctuation-challenged style) outlining this move and its meaning.
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