Microsoft Refuses to Raise Bid for Yahoo, Threatens Proxy Fight
New York Times, ITWorld.com
Microsoft has declined to raise $31/share offer to Yahoo and will instead authorize a proxy fight to replace Yahoo's board, reports the New York Times.The proxy fight is expected to cost Microsoft between $20 and $30 million, while increasing its original bid would cost the company $1.4 billion for every dollar added.
Microsoft's attempt to take over Yahoo began with its $44.6 billion offer on February 1, an offer rejected by Yahoo's board on February 9. If a proxy fight turns out to be the next step, Microsoft would hire a proxy solicitor to urge Yahoo investors to replace the Yahoo board of directors. All of Yahoo's directors are up for nomination this year, and in a contested election, they would be elected by a plurality of votes cast.New York Times, ITWorld.com
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