Yahoo board wins surprise backing of shareholders

 

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By Reuters

Posted on 4 Aug 2008 at 08:18

"I think Microsoft is the wrong corporation" for Yahoo to merge with, Lammerding said, labelling the software company an "over-the-hill, green-tentacled octopus from Redmond."

Yahoo had averted a proxy battle with billionaire Carl Icahn two weeks ago by reaching a settlement with the activist investor that will expand its board to 11 members from nine and result in Icahn joining the board. But one of Icahn's potential candidates appeared to drop out of the picture.

Former AOL CEO Jonathan Miller was named as a potential director, but AOL parent Time Warner said on Friday it had not waived a non-compete clause that would bar him from joining Yahoo before March 2009. A Yahoo spokeswoman declined to comment on the action.

In a blog post last week, Icahn had downplayed the annual meeting's importance and said he would not attend.