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| Yahoo board wins investor vote | |
| (about 2 hours later) | |
| Yahoo shareholders have voted to re-elect the firm's board after it defended its handling of negotiations with Microsoft over a possible deal. | 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. | 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). | 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 Ray Bostock to resign. | During the meeting, one called on chairman Ray 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". | 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. | He accused the Yahoo boss of overplaying his hand with Microsoft. |
| [Ray Bostock] should do the honourable thing and step down from the board Eric Jackson Yahoo board emerges unscathed | |
| In response, Mr Bostock said there had been "a great deal of misunderstanding" regarding Yahoo's dealings with the software giant. | 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. | "The board controlled the process of dealing with Microsoft right from the beginning," Mr Bostock told the meeting. |
| "We called the shots." | "We called the shots." |
| Almost 80% of shareholders voted in favour of his re-election. | 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. | 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. | 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. | Microsoft first offered to buy Yahoo in January and eventually walked away from negotiations in May after Yahoo rejected an improved offer. |