Remember a few weeks back, when Yahoo (YHOO) slyly postponed the deadline by which Microsoft had to file a slate of dissident directors in its bid to take over the company? Us, too. That clever move bought a bit of time, but unfortunately the delay hasn’t produced any real options. (To its great credit, Yahoo has managed not to blow Q1, but other than that, time has worked against it.)
In any event, it’s time for Yahoo to schedule the shareholder meeting and get this process moving again.
In the past week, Kara Swisher says, Jerry Yang, Sue Decker, and Blake Jorgensen have been pounding the pavement trying to whip up enthusiasm for Yahoo’s new “why we’re worth $40” financial targets. Unfortunately, Kara reports, the team has been greeted only with polite nods and quiet scepticism. Like us, Yahoo’s huge shareholders apparently aren’t willing to take a major acceleration in revenue and cash flow in 2009 and 2010 to the bank, especially with the economy cratering and previous Yahoo promises having gone unkept.
It’s time to restore the normal democratic process and let shareholders hear both sides (or, at least, to have the threat of shareholders hearing both sides get the negotiations going). To restart this process, Yahoo has to schedule its 2008 shareholder meeting (see below). So we ask again: “When’s the shareholder meeting?”
March 5: [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.