Microsoft issues takeover ultimatum to Yahoo

Microsoft plans to take its takeover offer directly to Yahoo Inc shareholders if the internet firm's management continues to refuse to negotiate.

Microsoft plans to take its takeover offer directly to Yahoo Inc shareholders if the internet firm's management continues to refuse to negotiate, Microsoft Corp chief executive Steve Ballmer said Saturday.

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In a letter to Yahoo's board and management, the chief of the software giant said that the $44.6-billion offer for Yahoo could be reduced, the Bloomberg financial news agency reported.

Ballmer set a three-week deadline for Yahoo to come to the table and negotiate Microsoft's purchase of the company.

If Microsoft has to go to shareholders with a proxy fight, it will offer its own slate of candidates to replace Yahoo's current board of directors.