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Yahoo Inc extended a deadline to nominate board directors, buying the company time to pursue alternatives to Microsoft Corp's $41.7 billion offer, while also giving Yahoo room to negotiate a friendly deal with Microsoft.
The original March 14 deadline could have catapulted Microsoft and Yahoo into a formal proxy contest next week. Instead, Yahoo said on Wednesday the deadline would fall 10 days after it announces the date for its annual shareholder meeting, which has yet to be scheduled.