Sunnyvale (CA) - Yahoo has postponed its shareholder meeting in order to better prepare for an upcoming board of directors elections. Originally scheduled for July 3rd, the meeting will now be pushed back till the end of the month.

Microsoft recently dropped its $47.5 billion takeover offer after Yahoo founders demanded at least $37 a share. Microsoft was only willing to give $33/share. Billionaire Carl Icahn owns approximately 10 million Yahoo shares and is fuming mad over Yahoo’s refusal to deal with Microsoft. He is now leading a proxy fight to wrest control from the board. Icahn, who also owns 45 million shares worth of Yahoo options, would obviously make a killing if a merger went through. Conversely, he’ll lose A LOT of money if his options expire worthless.

All nine directors are up for elections and Icahn has nominated himself to one of the spots. He is also supporting allies to the other vacant positions.

While Microsoft did drop its bid, CEO Steve Ballmer says he’s leaving the door open for other opportunities.

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