Yahoo! Postpones Shareholder Meeting
Updated from May 22.
SAN FRANCISCO -
Yahoo!
(YHOO)
has postponed its annual shareholder meeting to allow the Securities and Exchange Commission to clear preliminary proxy materials that were filed Thursday.
The Internet company said in an SEC filing that it now expects the meeting to be around the end of July.
The company earlier had set a date of July 3, but last week activist investor Carl Icahn told Yahoo! he intended to lead a group that would nominate a slate of 10 nominees for the company's board, in the wake of its failure to negotiate a buyout by
Microsoft
(MSFT) - Get Report
.
Yahoo! is required to file its preliminary proxy materials with the SEC at least 10 calendar days before definitive copies of such materials are first mailed to stockholders, thus prompting the delay.
Shares of Yahoo! were off 23 cents, or 0.8%, at $27.30 in recent trading Friday morning. Many Wall Street observers continue to believe the stock is being propped up in the near-term amid rumors that Yahoo! and Microsoft will negotiate a partial alliance -- which could, in turn, ultimately spark a full merger.
Yahoo! also said director Edward Kozel resigned from the board. He will not be replaced, dropping the board's total to 9 directors.
This article was written by a staff member of TheStreet.com.