Yahoo Warns of Repercussions of Microsoft Bid, Also Gets Sued
San Jose Business Journal, CNET News, InformationWeek
In its annual report filed with the Securities and Exchange Commission, Yahoo stated that Microsoft's attempted takeover may lead to the departure of key employees and a loss of business.The annual report claimed that the Microsoft situation has "created uncertainty for our employees and this uncertainty may adversely affect our ability to retain key employees and to hire new talent." Not only that, the report said, but the bid could "create uncertainty for current and potential publishers, advertisers and other business partners, which may cause them to terminate, or not renew or enter into, arrangements with us." These are just two of the ways the business maneuverings "have been, and may continue to be, a significant distraction for our management and employees," the report continued.
Another significant distraction is bound to be the seven shareholder lawsuits the annual report listed. Four of the suits have been filed in Santa Clara County (California) Superior Court, while the other three have been filed in Delaware, home to pension funds that own Yahoo stock. The lawsuits claim that Yahoo has mishandled the Microsoft offer.San Jose Business Journal, CNET News, InformationWeek
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