InternetYahoo board emerges unscathed from annual meeting (AP)

AP - Yahoo Inc.'s board emerged largely unscathed from the Internet company's annual meeting Friday as a subdued crowd of shareholders raised few questions about the directors' rejection of Microsoft Corp.'s $47.5 billion takeover bid.

SAN JOSE, Calif. - Yahoo Inc.'s board emerged largely unscathed from the Internet company's annual meeting Friday as a subdued crowd of shareholders raised few questions about the directors' rejection of Microsoft Corp.'s $47.5 billion takeover bid. Some shareholders expressed displeasure by opposing the re-election of Yahoo's current directors, but the resistance wasn't as intense as last year, when three directors were rejected by more than 30 percent of the vote. In this year's balloting, only two directors — Chairman Roy Bostock and Arthur Kern — were opposed on ballots representing at least 20 percent of Yahoo shares. Yahoo Chief Executive Jerry Yang, who steered the Microsoft negotiations with Bostock, was approved by 85 percent of the votes cast. Many investors had already made an emphatic statement about their feelings by dumping their holdings in Yahoo shares. The company's stock price has fallen by 31 percent since Microsoft withdrew a takeover offer of $33 per share in early May. Much of the drama was drained from Friday's meeting last month when Yahoo reached a truce with activist investor Carl Icahn, who had been campaigning to oust the company's entire board for spurning the Microsoft bid. Icahn, who owns a 5 percent stake in Yahoo, will join the company's board next week and can't criticize his fellow directors as part his peace pact. He didn't attend Friday's meeting. Yahoo will... [ Read more on www.yahoo.com ]

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