By Nicholas Carlson, 1:20 PM on Wed May 7 2008, 2,491 views (Edit, to draft, un-top, Slurp)

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Yahoo will hold its annual shareholders' meeting on July 3. Investors angry over how Yahoo CEO Jerry Yang the Yahoo board handled merger negotiations with Microsoft — paging Gordon Crawford and Bill Miller — have until next Thursday to do so by submitting an alternate slate of directors to replace the current board. Wall Street analysts don't expect it to happen, reports the Financial Times. Activist shareholder Eric Jackson, the president of Ironfire Capital, isn't listening to them, however.

Jackson told the AP he plans to introduce an alternative slate of directors and turn the July 3 meeting "into 'Independence Day' for Yahoo's shareholders."

It's hard to believe the board could let this happen. I think they completely misconstrued the situation and thought, 'Microsoft is rich, so let's soak them.' They were bluffing all the way and got caught.