Yahoo has postponed its annual general meeting after billionaire investor Carl Icahn announced his intention to replace the entire board of ten directors.
California-based Yahoo is gearing up for a proxy battle with the activist shareholder, who has nominated his own directors to run the company following Microsoft's failed takeover bid.
In an announcement through the US Securities Exchange Commission (SEC) yesterday, Yahoo said it has filed its own proxy documents.
The meeting, originally scheduled for June 3rd, will now take place around the end of July, Yahoo said.
Yahoo did not give a reason for the delay, but the proposal from investor Carl Icahn to replace the entire ten-member board last week means the company must now prepare a strategy to persuade shareholders not to vote for his nominations at the annual meeting.
The company added it will be nominating nine out of ten of its current directors as board member Edward Kozel has resigned.
Yahoo said Mr Kozel "had intended to leave the board of directors in February to spend more time with his family, but decided to stay on the board of directors following the company's receipt of an unsolicited proposal from Microsoft".
Mr Icahn, who is famous in the business world for his corporate raids in the 1980s, is now known for building up stakes in companies and demanding change at the board level.
In a letter to Yahoo's chairman, Roy Bostock, Mr Icahn nominated ten candidates, including himself, to replace all of Yahoo's board members on the basis that they should have accepted Microsoft's $47.5 billion takeover offer earlier this month.
Mr Icahn has put together a team of ten high-profile figures, including National Basketball Association owner Mark Cuban, New Line Cinema co-chairman Robert Shaye and economics professor Lucian Bebchuk.
Shareholders will vote on the proposal at the company's annual general meeting.
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