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Saturday, Dec 14, 2019

'Microsoft taking aim at Yahoo's board'

According to a report, Microsoft is planning to oust Yahoo's board of directors after it rejected the software giant's takeover offer.

india Updated: Feb 20, 2008 11:39 IST


Microsoft is crafting a plan to oust Yahoo's board of directors after it rejected the software giant's unsolicited 44.6-billion-dollar takeover offer, according to a US media report.

In what could be negotiation through the media or a sign that Microsoft plans to take Yahoo by force, The New York Times on Tuesday quoted people close to the matter as saying Microsoft is taking aim at the Internet giant's board.

If Yahoo does not swiftly enter into takeover talks, Microsoft will try to nominate replacements for Yahoo's board of directors, all 10 of which are up for reelection in at Yahoo's annual meeting in June, the newspaper reported.

Microsoft declined to comment on the report.

Yahoo's rejection last week of the Microsoft buyout offer sets the stage for the US software giant to up the ante or attempt a coup by ousting the Internet firm's board of directors.

Yahoo's board of directors spurned Microsoft's takeover bid on February 11, saying it "significantly undervalues" the firm.

Microsoft called the board's action "unfortunate" and urged Yahoo to reconsider its blockbuster bid to combine the two tech titans and said it offers "superior value" to Yahoo shareholders.

Microsoft calls its bid "full and fair" and says it "reserves the right to pursue all necessary steps" to consummate a deal.

On February 1, Microsoft unveiled what it called "a generous" offer to take over Yahoo, in an effort to merge the world's biggest software company with a major Internet player to take on search and advertising juggernaut Google.

Microsoft proposed 31 dollars per share, a 62 per cent premium above Yahoo's closing price a day earlier.