Summer fireworks displays traditionally take place July 4 in the U.S., but this year Yahoo'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 in Naples, Fla., said some shareholders are still in disbelief that Yahoo turned down Microsoft's acquisition bid, and they're talking about proposing a new slate of directors to replace the current board.

[For the complete saga of Microsoft's unsuccessful bid to take over Yahoo, check out InfoWorld's  special report ]

"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 only has 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.