Microsoft Sets Deadline for Yahoo!: Three Weeks

Saturday Microsoft send a letter to the Yahoo! Board of Directors, setting a deadline of three weeks, or April 26th for an agreement to be made. If an agreement has not been reached by then, Microsoft indicated it would be forced to take the matter directly to the shareholders.

The software giant threatened to launch a proxy fight to unseat Yahoo's board of directors, as well as take its case straight to Yahoo investors should no deal be reached in that period.

And as a further cattle prod in getting a deal consummated, Microsoft threatened to lower its existing bid, citing how Yahoo's value will be hurt if it needs to resort to such hostile means.

Three weeks?  We don't have long to wait to see what happens.