Yahoo!'s Disregard For Shareholders

Posted by Bull Bear Trader | 5/07/2008 09:11:00 AM | | 0 comments »

Yahoo! announced yesterday that its annual shareholder's meeting will be on July 3rd. The announcement also states that:

"Under Yahoo!'s amended and restated bylaws, notice of a stockholder's nomination of persons for election to the Board of Directors of Yahoo! at the 2008 annual meeting must be received by the Corporate Secretary at the principal executive offices of the Company no later than the close of business on May 15, 2008."
Therefore, by 1.) announcing the meeting details right after the Microsoft fiasco, and by referring to their recently amended bylaws that only gives shareholders 10 days to put a new slate of directors together for consideration at the board meeting, and by 2.) having the annual meeting the day before the July 4th holiday, when may shareholders will have other travel plans, Yahoo! is once again showing total disregard for its shareholders.

I would not be surprised to see the current board start to get nervous and begin making outside comments, or at least hear current shareholders rattle the cage a little. As with many poison pills and shareholder rights provisions, the provisions themselves often come back to hurt the very shareholders they are suppose to help.

Ticker: YHOO