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Yahoo has issued a brief press release this morning, announcing that they will be extending the deadline for nominating directors to its board. The key takeaway is the following:
“As the Company has not yet announced the date of this year's annual meeting, the amendment will give stockholders who want to nominate one or more directors, including Microsoft Corporation, more time to do so.”
Microsoft has been not-so-subtle in their intentions to acquire Yahoo by hostile means if necessary, issuing a statement last month where they declared they would “pursue all necessary steps to ensure that Yahoo!’s shareholders are provided with the opportunity to realize the value inherent in our proposal.”
By extending the deadline for nominating board members, Yahoo is sending a signal that they are at least willing to negotiate with Microsoft. At the same time, they also give themselves more time to look at alternatives, such as the renewed talks with AOL we reported this morning.