Summer fireworks displays traditionally take place July 4 in the U.S., but this year Yahoo Inc.'s board of directors could be treated to some fireworks of their own at the company's annual shareholders meeting on July 3.

Eric Jackson, president of Ironfire Capital LLC in Naples, Fla., said some shareholders are still in disbelief that Yahoo turned down Microsoft Corp.'s acquisition bid and they're talking about proposing a new slate of directors to replace the current board.

"It's something we're definitely talking about with others, although at this [point] there's nothing definitive," Jackson said. "I'm not the only one talking to people about doing this. Everyone is weighing the positives and negatives of doing something like that. I think people realize that the shareholders are very upset. Nobody's happy; nobody's even neutral. They're really upset and they're still in disbelief several days later that we're in this position."

Yahoo declined to comment on the issue.

Although Jackson has only 96 of the 1.4 billion outstanding shares of Yahoo stock, the Associated Press reported that Yahoo stockholders with about 3 million shares have agreed to support Jackson in his attempts to replace the board.

According to the AP, even if Jackson doesn't assemble a new slate, he plans to urge shareholders not to re-elect of Yahoo's current directors. According to the wire service, in the months leading up to last year's annual shareholders meeting, Jackson organized an online protest against Terry Semel, who at that time was Yahoo's CEO. At that meeting, Jackson confronted Semel, asking him if he still had enough "fire in his belly" to do his job.

Semel resigned six days later and Yang became CEO.

Jackson has until the end of business on May 15 to submit an alternative slate.

On an unrelated note, The Wall Street Journal reported today that Microsoft officials have contacted Facebook Inc. to see whether the company's executives would be willing to sell the social-networking site. A person familiar with the matter, however, told the Journal that the companies are not actively talking about any such deal and it is unclear whether CEO Mark Zuckerberg would want to sell the privately held Facebook.

Microsoft already owns a 1.6% stake in the site worth about $240 million. According to the Journal, Microsoft has previously expressed an interest in buying Facebook.

The AllThingsD.com Web site, which is owned by Dow Jones & Co., first reported Microsoft's contact with Facebook, the Journal reported.