February 13th, 2008
First Lawsuit Filed Over Yahoo! Rejection of Microsoft Bid
By Michael Santo
Executive Editor, RealTechNews
Well, now we know how strongly shareholders feel about Yahoo! turning down Microsoft. The first lawsuit over the Yahoo! rejection of the Microsoft bid has been filed.
The Wayne County Employee’s Retirement System of Michigan was the first to file suit. The retirement fund owns 13,600 shares. The lawsuit was filed Monday in Delaware Chancery Court and asks the court to force Yahoo to consider takeover offers.
Of course, thats a paltry amount compared to the 80 million shares that Legg-Mason owns - and they didn’t file suit. In fact, they want a higher Microsoft offer - and then want Yahoo! to take it.
Additionally, there was a lawsuit filed on Feb. 1 that didn’t gain much attention - Yahoo! hadn’t turned anything down yet. That lawsuit, filed by the law firms Byrne & Nixon in Los Angeles and Barrett, Johnston & Parsley, in Nashville centers on an offer Microsoft made to buy Yahoo! last year, that the board also rejected.
That lawsuit says that the board rejected the Microsoft offer primarily to keep their high-paying jobs.
It hasn’t been a good couple of weeks for Yahoo!, has it?
john says:
I feel this way Google would be more powerfull as still 60% of searches are made thorugh google so the fairly he is still a leader
February 14th, 2008 at 3:59 am
Stan says:
Hey John: Just because you can share your inane opinions in the comments doesn’t mean you necessarily should.
February 14th, 2008 at 9:09 am