YAHOO'S BOARD is about to face a mob of angry shareholders which wants to drive a stake through its heart for costing it millions by refusing Microsoft's take-over offer.

Eric Jackson, president of Ironfire Capital, is trying to get the Board sacked for turning down Vole's offer.

He said he wanted to turn the annual meeting on July 3 into 'Independence Day' for Yahoo's shareholders.

Yahoo postponed the annual meeting in a bid to stop Microsoft from using it to replace its board with something more amenable.

Jackson intimated that the Board were dumb enough to think that Vole was so rich that it could pay shedloads for Yahoo. In fact they were bluffing and, when the bluff was called by Microsoft's CEO Steve Ballmer, they were caught out.

Yahoo's board wanted $37 per share which was a price that the company's stock hasn't reached for years. Yesterday Yahoo's share price was $25.72 or $10 billion below Ballmer's last offer.

Jackson only has 96 Yahoo shares, but has so far been good at getting his way. Last year he organised an online protest against Yahoo's then CEO Terry Semel. At the annual meeting he attacked Semel who promptly resigned and was replaced.

Already, he claims to have about three million shares worth of shareholders pledged to support his coup. µ

L'Inq
AP