Page last updated at 21:31 GMT, Friday, 1 August 2008 22:31 UK

Yahoo board wins investor vote

Yahoo shareholders meeting
About 150 shareholders are meeting executives at a San Jose hotel

Yahoo shareholders have voted to re-elect the firm's board after it defended its handling of negotiations with Microsoft over a possible deal.

Chief executive Jerry Yang won the backing of 85% of investors at Yahoo's annual meeting in California.

Some investors had criticised the firm's failure to agree a deal with Microsoft, which had offered to buy the internet firm for $47.5bn (24.1bn).

During the meeting, one called on chairman Roy Bostock to resign.

Shareholder Eric Jackson of Ironfire Capital - one of 150 investors at the meeting - said Mr Bostock "should do the honourable thing and step down from the board".

He accused the Yahoo boss of overplaying his hand with Microsoft.

Yahoo shareholder Eric Jackson
[Roy Bostock] should do the honourable thing and step down from the board
Eric Jackson

In response, Mr Bostock said there had been "a great deal of misunderstanding" regarding Yahoo's dealings with the software giant.

"The board controlled the process of dealing with Microsoft right from the beginning," Mr Bostock told the meeting.

"We called the shots."

Almost 80% of shareholders voted in favour of his re-election.

One investor not at the meeting is billionaire Carl Icahn, who had threatened to attempt to replace the board at the AGM.

He changed his mind a fortnight ago after Yahoo offered him and two of his nominees seats on an enlarged Yahoo board.

Microsoft first offered to buy Yahoo in January and eventually walked away from negotiations in May after Yahoo rejected an improved offer.

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