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TheStreet.com’s Jim Cramer sure thinks so. About 80 shareholders with 2M in shares - but a paltry 0.2% also think so - but what does Yahoo!’s (NASDAQ:YHOO) board think?

Here is an interesting thought from an AP story:

After Google completed its August 2004 initial public offering, Yahoo was still the larger and more valuable company.

The IPO gave Google a market value of $23 billion compared with $39 billion for Yahoo at the time. Google’s stock price has increased by more than sixfold since then, creating nearly $140 billion in additional shareholder wealth. Meanwhile, Yahoo’s stock price has fallen by about 4 percent during the same period, leaving the company with a market value of $37 billion.

Eric Jackson has been leading the charge. I’ve written quite a bit on Yahoo! as a commentator and shareholder. I still like the company and do think that it’s quite well positioned over the next 10 years or so.

Bottom line: In 10 years, Semel won’t be around, most of the managers won’t either (good or bad thing, you decide) but Yahoo! will stick around. And if online advertising will be a $100B market in the US alone, then imagine Yahoo!’s value then…

A lot of what Jackson says is obvious, but the problem is that he wants to dump a bunch of directors and then suggests that he be on the board. Just from a common sense perspective, that makes Jackson lose a lot of credibility. That’s akin to me saying what Semel should do, followed up by the suggestion that I take his place. In Jackson’s case, he essentially wants the Board to replace CEO, and replace itself. From the get-go, that makes the board standoff-ish. Jackson prides himself on “getting management,” but this approach is not going to work.

The one thing that I would like to see come to fruition as a shareholder is for Yahoo! to lose the anti-takeover poison pill.

All to say, this year’s annual shareholder meeting will be eventful.

YHOO 1-yr chart:

Source: Yahoo!: Is It Time For Semel To Go?