Yahoo Delays Board Deadline to Buy Time, Stymie Microsoft

UPDATE: Yahoo has delayed the date by which Microsoft must nominate directors until 10 days after it announces the date of this year’s shareholder meeting (sometime soon, presumably, but anyone’s guess).

This delay gives Yahoo more time to iron out alternatives like an AOL-merger, but it will also likely further annoy Yahoo shareholders seeking a rapid resolution to the Microsoft crisis.

[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.

EARLIER: If Yahoo doesn’t postpone the deadline, the WSJ says, the two companies could begin formal negotiations this weekend. (Microsoft comments in recent days have strongly suggested that the companies are already having an informal dialogue, but this weekend, the theory goes, they’ll begin to talk turkey.)

See Also:
Why a Yahoo-AOL Merger Makes Sense

Ballmer Confirms Microsoft-Yahoo Dialogue
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