Yahoo! Sets Annual Meeting for July 3

He adds that even if key directors like Yahoo! co-founder and Chief Executive Jerry Yang and Chairman Roy Bostock get the boot, it would be enough to send a message to the company that it must find a way to reinvigorate the business, whether by holding new talks with Microsoft or finding an alternative, including a deal with Google or Time Warner's(TWX Quote - Cramer on TWX - Stock Picks) AOL division.

Yang and other company executives have been making their rounds with media outlets since Monday, trying to show that it was not Yahoo! who refused a deal with Microsoft but the other way around. Yahoo! had been holding out for a raised bid of $37 a share while Microsoft would go as high as $33 a share, which is still an improvement over its original bid of $31 a share.

Yang has said that Yahoo! would be open to talks with other companies, including Microsoft, but also emphasized a focus on its own growth plans.

Shares of Yahoo! were up 5.1%, or $1.25, to $25.62 in afternoon trading.

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