Investors holding nearly 76 percent of Yahoo's 1.38 billion shares gave solid votes in favor of all nine current directors, in what represents an endorsement of their tough stance with Microsoft Corp in talks on a merger or partial sale.

Executives and board members tried to soothe dissenting investors, insisting Yahoo had been serious in the Microsoft talks and that it had good prospects in the next three years.

Seeking to counter attempts by some to blame Yang for talks collapsing, Chairman Roy Bostock said Yahoo's board "called the shots" when discussing Microsoft's proposals, including a $47.5 billion bid and attempts to buy Yahoo's Web search business.

Bostock said he could not understand why the software maker withdrew its bid. "There was never a compelling offer put on the table," he said. A Microsoft spokesman disputed Bostock's version of events, saying "Yahoo is attempting to rewrite history yet again."

Yahoo shares slipped 9 cents on Friday to $19.80, not far above the $19.18 that they fetched the day before Microsoft made its interest public on February 1. Microsoft's last offer for the company would have valued Yahoo at $33 per share.