Yahoo Sued 7 Times Over MS Bid
Yahoo's board of directors claim that the offer isn't sufficient, while Microsoft is of the opinion that anything above and beyond $44.6 billion is too much and it'd be more efficient to start buying stock in preparation for a hostile takeover. Neither company has budged publicly, but Yahoo shareholders are up in arms according to a recent filing Yahoo provided the Securities and Exchange.
“The impasse has triggered four shareholder suits in California's Santa Clara County Superior Court. Three other complaints have been filed in Delaware by pension funds that own Yahoo's stock.
Five of the suits allege Yahoo's board breached its duty by spurning Microsoft without trying to negotiate a better deal, according to the annual report. The two other suits allege Yahoo unfairly favored Microsoft's "inadequate" bid even though the board eventually turned down the original cash-and-stock offer of $31 per share.”