Yahoo has extended the time allowed for shareholders to nominate directors, in an attempt to bide some time while the company explores alternative solutions amid Microsoft’s unsolicited buyout offer. Yahoo said that in amending their bylaws and extending the deadline, the board can continue to look into alternatives “without the distraction of a proxy contest.”
The deadline for nominating directors was initially March 14, but Yahoo announced Wednesday that they would extend the deadline an additional 10 days. According to the Wall Street Journal, once source said that if the March 14 deadline remained intact, any possible Microsoft and Yahoo talks were anticipated to be held this weekend.
Yahoo has already been sued by several investors after having rejected Microsoft’s $31 per share takeover offer, and extending the deadline to avoid an imminent proxy fight could further agitate investors hoping for a quick resolution.
Yahoo has been exploring options with Yahoo and AOL/Time Warner that could help them avoid a Microsoft takeover. Extending the deadline could give them more time to fully look into these and other options.