Search engine provider Yahoo! has revealed it has postponed the deadline for nominating directors in an effort to temporarily fend off Microsoft's $44.6 billion takeover bid.Under previous rules, the nomination of the firm's directors, an event that could represent the beginning of a drawn-out battle for the company, would have been due by March 14th.
In a statement, however, Yahoo! chief executive Jerry Yang said that the deadline has now been extended.
Although no new date was given, it is thought the process of nominations could now be delayed until the summer.
Earlier this month, an informant told the Times that Microsoft was set to attempt a boardroom coup at Yahoo! if the search engine provider failed to engage in serious talks concerning a possible deal.
The source stated that Microsoft was preparing to nominate a "slate" of executives to sit on Yahoo!'s board who would recommend that the firm takes up Microsoft's offer.
Explaining Yahoo!'s move to prevent such a coup, Mr Yang said: "To the extent that the extension of the nomination deadline has the effect of postponing the nomination of one or more directors by any party, it will allow Yahoo!'s board to continue to explore all of its strategic alternatives for maximising value for stockholders without the distraction of a proxy contest."
He added that Yahoo's board "remains committed" to pursuing courses of action that create optimum value for its shareholders.
