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Will Investors Punish Yahoo?

May 5, 2008
by Dawn Kawamoto
Blogger, NewsBlog, CNET

Dawn Kawamoto

Now that Microsoft has withdrawn its unsolicited buyout bid, Yahoo investors who are outraged and seeking to extract some pain may gear up to engage in several actions, ranging from gunning for a board seat to voting “against” re-electing the company’s slate, say proxy solicitors and M&A attorneys.

Eric Jackson, a Yahoo shareholder activist, falls into both camps. On Sunday, Jackson said he’s planning to launch a “withhold vote” campaign and hopes to run for a board seat when Yahoo holds its next annual shareholders meeting.

“I’m definitely interested in throwing my hat in the ring, if it’s allowable, and plan to talk to other shareholders,” said Jackson, founder of hedge fund Ironfire Capital. “And whether it’s me or other people who get elected, that’s fine. Yahoo’s current board definitely needs new blood.”

Yahoo, which has yet to set a date for its next annual shareholders meeting, has all 10 board of director seats up for re-election to a one-year term.

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