Yahoo Sued For Saying No
Two Detroit pension funds are upset with Yahoo's recent rejection to Microsoft's buyout offer. They have filed a law suit over their grievance:
"According to the lawsuit, Yahoo's board is pursuing "value-destructive" third-party deals in an effort to fight off Redmond, Wash.-based Microsoft, which on Feb. 1 announced a takeover bid of $31 per share in cash and stock, a 62 percent premium over Yahoo's previous day's closing price."
Given that Yahoo and Microsoft are both major players in the industry, we can't help but wonder what an acquisition would due to portfolios that included both stocks.
"According to the lawsuit, Yahoo's board is pursuing "value-destructive" third-party deals in an effort to fight off Redmond, Wash.-based Microsoft, which on Feb. 1 announced a takeover bid of $31 per share in cash and stock, a 62 percent premium over Yahoo's previous day's closing price."
Given that Yahoo and Microsoft are both major players in the industry, we can't help but wonder what an acquisition would due to portfolios that included both stocks.
