Yahoo buys time against Microsoft bid

Yahoo has bought itself some more time to look into options to fend off Microsoft's takeover bid, by extending a deadline to nominate directors to its own board.

It was expected that Microsoft would nominate its own directors in an attempt to gain power and force the company into a takeover.

The original deadline for shareholders to nominate directors was 14 March, but this will now be moved back by 10 days.

Microsoft attempted to buy Yahoo for $44 billion in February, a 62 per cent premium on the share price, but the offer was rejected for "substantially undervaluing" the company.

Yahoo will use the extra time "to continue to explore all of its strategic alternatives for maximizing value for stockholders without the distraction of a proxy contest," it said in a statement.

Earlier this week it emerged that Yahoo was continuing talks with Time Warner about a potential takeover offer. The deal is expected to include a merger with Time Warner's AOL.

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