Yahoo! puts off AGM over Microsoft bid issues

Yahoo! has postponed its annual general meeting after moves by billionaire investor Carl Icahn to unseat the internet company’s board over the failed Microsoft deal. The AGM was due to take place on July 3, but has been delayed indefinitely.

The move comes as Icahn, who has been raising his stake in the company since the start of May, received support from fellow billionaire investor T Boone Pickens, who acquired 10m shares in the company earlier this week. The deal brings the number of investors in favour of a deal with Microsoft up to about 20%.

Yahoo! and Microsoft have restarted talks with a view to an alternative to a full acquisition. The internet company rejected Microsoft’s $46.5bn (£23.5bn) bid earlier this month. Icahn says it was “unconscionable” that Yahoo! had not put the decision to shareholders, adding that the offer was a 72% premium to the value of Yahoo! shares before the bid was tabled.