Behind every billionaire there is a story!

Yahoo postpones annual meeting

The internet company Yahoo has postponed its annual meeting as its board struggles to escape a shareholder uprising led by the billionaire corporate raider Carl Icahn.

The potentially rowdy gathering in California was due to be held on July 3 but Yahoo has put it off to an unspecified date “expected to be around the end of July 2008″.

Icahn, a 72-year-old veteran Wall Street activist, has put forward a slate of 10 rebel nominees in an attempt to unseat Yahoo’s entire board, rallying discontent over the company’s failure to agree to a takeover by Microsoft.

The delay gives Yahoo more time to negotiate with Microsoft, though experts suggested that extra time could benefit Icahn.

“I actually think this helps Icahn, because it gives him more time to drum up support for his efforts,” Stephen Diamond, a professor of corporate law at Santa Clara University, told Silicon Valley’s Mercury News. “But it may also give Yahoo more time to work out some kind of alternate transaction with Microsoft

read the rest published by Guardian here:

http://www.guardian.co.uk/business/2008/may/23/yahoo.microsoft?gusrc=rss&feed=technologyfull