26 May 2008
Yahoo! has postponed its annual general meeting after moves by billionaire investor Carl Icahn to remove the Internet company's board over the failed Microsoft deal. Scheduled for the 3rd July 2008, the meeting has been postponed indefinitely.
Icahn has been raising his stake within Yahoo! since the beginning of May, and received support from fellow billionaire investor T Boone Pickens, who acquired 10m shares in the company last week. This latest move brings the number of investors in favour of a deal with Microsoft up to approximately 20%.
Yahoo! and Microsoft have restarted discussions with apparently a different option to a full acquisition Yahoo! rejected Microsoft's $46.5bn (£23.5bn) bid earlier this month. Icahn says it was "unconscionable" that Yahoo! had not put the decision to shareholders, adding that the offer was a 72% premium to the value of Yahoo! shares before the bid was tabled.
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