Yahoo delays annual meeting, stymies Microsoft

Yahoo continues to resist Microsoft's acquisition overtures--The New York Times reports that while the software giant is preparing to ramp up its takeover bid by launching a proxy contest next week, Yahoo will attempt to delay the maneuver by extending the deadline for nominating directors until 10 days after announcing a date for its annual meeting, buying time as it continues its merger negotiations with AOL. According to the NYT, Microsoft was preparing to nominate a series of directors to the Yahoo board, but the embattled web services firm said it requires more time to mull alternatives: "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 Corp., more time to do so," Yahoo said in a statement. "The amendment does not preclude any party from nominating one or more directors at any time prior to the new deadline." Under the laws of Delaware, where Yahoo is incorporated, public companies cannot go more than 13 months without an annual meeting; Yahoo held its 2007 annual meeting on June 12.

For more on Yahoo's latest moves:
- read this New York Times article [1]

Related articles:
Yahoo [2] in negotiations with News Corp.?
Yahoo [3] formally rejects Microsoft bid