Just not Jerry's day

The big Yahoo! standoff may not have gone quite as smoothly as it first appeared

Tags: InvestmentMergers and acquisitionsYahoo! Incorporated
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By  Mark Sutton Published  August 6, 2008

The big Yahoo! standoff may not have gone quite as smoothly as it first appeared.

At the company meeting on Friday, the board was re-elected with a high level of confidence from shareholders, most shareholders didn't get too upset about the handling of the Microsoft deal, and Jerry Yang's day was no doubt improved even further as Carl Icahn stayed away. Yang received 85.4% of shareholder votes in favor of his re-election, with the remaining votes withheld, and none going against the board.

The figures actually gave Yang a better approval rating from shareholders than at the previous meeting, when he only got some two-thirds approval.

But now it seems that perhaps all was not as it appeared. A major investment fund, Capital Research Global Investors, which jointly holds some 16% of Yahoo! stock, revealed that it had withheld its votes, leaving a discrepancy of 1.4% of votes.

It seems the voter tabulation company my have made a mistake, putting the real number of votes withheld back to 33.7%, leaving poor Jerry back where he started, with a share price pretty much where it was before Microsoft sailed into view, and one third of his shareholders unhappy. The guy just can't catch a break.

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