Yahoo has put an end to what the company hopes will be the final saga in its
shareholder rebellion.
At the company's annual stockholders meeting, all the members of Yahoo's
board of directors were re-elected. The vote puts a formal end to the takeover
attempt, led by investor Carl Icahn, after the company failed to reach agreement
with Microsoft on an acquisition deal.
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The vote was largely anticlimactic, as Yahoo
defused
the situation last month when the company struck a deal that put Icahn and
two of his associates on Yahoo's board of directors.
With the takeover attempt dead and the prospect of a deal with Microsoft all
but gone, Yahoo is now turning its attention to continuing its rebuilding
efforts.
"Last year, Yahoo's board of directors and management took steps to
thoroughly reexamine the company's direction and to improve the company's
performance," said Yahoo chairman Roy Bostock.
"Since then, Yahoo has made significant strides in executing on its strategy,
performing particularly well in light of the challenging circumstances of the
past six months."
The vote also marked a victory for chief executive Jerry Yang. The Yahoo
co-founder had been brought back to revive the company last year, but his role
in the Microsoft talks put Yang squarely
in
Icahn's crosshairs.
85 per cent of Yahoo's shareholders voted to re-elect Yang to his seat on the
board.
"We are at a unique point in our history, where we have the eyes of the world
focused on our company and tracking our performance," said Yang.
"We are redoubling our commitment to driving sustained, profitable growth for
our stockholders."
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