May 23, 2008 4:52 pm US/Pacific
Yahoo To Stockholders: Ignore Icahn Proxy Cards
SUNNYVALE (AP) ―
Yahoo Inc.'s board is urging shareholders not to sign or return proxy cards sent to them in connection with activist investor Carl Icahn's efforts to replace the company's current directors.
Icahn, who like many shareholders is upset with the company's handling of Microsoft Corp.'s last offer of $47.5 billion for the company, has nominated a slate of candidates to replace Yahoo's current directors.
In filings with the Securities and Exchange Commission on Thursday and Friday, the Internet icon said its board urges shareholders "to disregard any proxy card sent to you by the Icahn Entities or any person other than Yahoo."
The filings also stated that even if voters signed a proxy card sent by Icahn entities they have the right to change their votes via phone, Internet or mail.
Yahoo said that its board "unanimously recommends a vote for the election of all of the board's nominees."
Yahoo postponed its annual meeting on Thursday, which had been slated for July 3, delaying a proxy contest with Icahn and gaining more time to put together a defense against him or negotiate a sale to or alternate deal with Microsoft.
Yahoo shares fell 9 cents to $27.63 in after-hours trading, after finishing Friday's regular session up 19 cents at $27.72.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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