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Microsoft steps up Yahoo campaign

Discussion in 'General Discussions and Lounge' started by gkd_uk, Feb 20, 2008.

  1. gkd_uk

    gkd_uk Moderator Moderator Webmaster

    Microsoft has hired a firm that specialises in proxy battles in a move which suggests it could try to oust the current board of Yahoo directors.
    The Yahoo board rejected a takeover offer from Microsoft worth more than $40bn (£20.6bn) saying it was too low.

    A proxy fight would see Microsoft nominate a group of directors sympathetic to a deal for shareholders to vote on at Yahoo's annual meeting.

    The move would be cheaper than raising its $31-a-share offer, analysts say.

    Microsoft's offer was 62% above the level at which Yahoo stock was trading when the bid approach was made on 1 February, and Microsoft has called the price "full and fair".

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