In its desperate backstroke away from Microsoft’s clutches – and in case Microsoft starts its threatened proxy fight for control of the company – Yahoo today extended its deadline for board nominations to 10 days after it announces a date for its annual shareholders meeting. Whenever that might be.
The original date was March 14, just around the corner.
The move buys Yahoo a little more time to find a white knight to rescue it from Microsoft’s rejected $31-a-share offer “without the distraction of a proxy contest,” it said. According to the rules, it looks like Yahoo has to have that meeting by mid-July.
The Wall Street Journal says Yahoo is currently trying to cut a deal with Time Warner, the once burned AOL stable. Reportedly Yahoo could acquire AOL with Time Warner holding a minority share in the combined company, a deal Google, which owns 5% of AOL, is said to favor.
The Journal said Time Warner is working on a proposal that Yahoo can take to its board.