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Yahoo Inc on Tuesday set its annual shareholder meeting on for August 1 in the heart of Silicon Valley, as it braced for a showdown with billionaire activist investor Carl Icahn, who is mounting a proxy fight for control of Yahoo.
Icahn had proposed an alternate slate of directors for Yahoo's board, but, until now, had not directly targeted Yang over the breakdown in talks a month ago in Microsoft's merger offer, then valued at about $47.5 billion.
"It's no longer a mystery to me why Microsoft's offer isn't around," the Journal quoted Icahn as saying. "How can Yahoo keep saying they're willing to negotiate and sell the company on the one hand, while at the same time they're completely sabotaging the process without telling anyone?"
Yahoo Sets August 1 For Annual Shareholder Meeting [uk.reuters.com]
Icahn to seek removal of Yahoo CEO Yang: report [webmasterworld.com]