Summer Of Discontent Looms As Yahoo Buy 10 More Days

Posted Friday 14th March 2008 by admin in SEM News.

Yahoo have announced that they have extended a deadline for director nominations. This will have the knock on effect of providing extra time for them to consider the recent take-over bid from Microsoft.

Microsoft had hoped to achieve an amicable agreement by March 14th but Yahoo have changed their bylaws to buy themselves more time. A decision will not be made until new directors are in place and this won’t happen until their annual general meeting takes place.

Yahoo will be expected to make an announcement of their annual meeting between May 14th and July 2nd and under Delaware law the meeting has to be held within ten days of this announcement. This move will give them an extra ten days to consider the bid. A spokesman for Yahoo said that the move would, ‘allow Yahoo’s board to continue to explore all of its strategic alternatives for maximising value for stockholders without the distraction of a proxy contest’.

Yahoo are also considering deals with Rupert Murdoch’s News Corp and Time Warner’s AOL division. Analysts suggest that negotiations are unlikely to be swift and the saga will drag on for months. A summer of discontent looms.

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