Stockholders Rally Behind Yahoo Board as Icahn Lays Low

04 August 2008

SAN JOSE, California: Conspicuous by his absence, predatory corporate raider Carl Icahn lay low as Yahoo shareholders convened here for Friday's critical annual meeting.

To the surprise of few following a raft of orchestrated leaks, Yahoo's board – including Icahn and his two nominees – was overwhelmingly endorsed. Chairman Roy Bostock (pictured above)actually bettered his showing at last year's meeting, upping his vote from around 66% to 79.5%,

Support for founder/ceo Jerry Yang was down from last year (over 90%) but he still garnered a robust 85.4% of shareholder support.

Although the meeting was tame compared with the preceding vituperation, there was some sniping from the rooftops.

Referring to Microsoft's various rejected approaches, EricJackson, representing a group of shareholders who own 3.2 million shares told  Bostock: "You overplayed your hand ... and overstayed your welcome."

Jackson was mischaracterizing the facts, Bostock responded. "There was never a compelling offer put on the table," he said, insisting that he is still unaware why Microsoft withdrew its original offer.

In a statement issued after the meeting , Microsoft replied: "Yahoo is attempting to rewrite history yet again with statements that are not supported by the facts."

Data sourced from Wall Street Journal Online; additional content by WARC staff