Microsoft move up a gear in battle for Yahoo
Microsoft have appointed law firm Innisfree M&A with a view to launching a proxy battle with the aim of ousting the current Yahoo board of directors. Such a move would see Microsoft nominating a new board of directors my sympathetic to their takeover offer for Yahoo shareholders to vote on at their annual meeting.
Such a move is far cheaper than increasing their offer to the $40 a share offer that Yahoo have intimated they feel is a fairer value for the company, the current offer from Microsoft is $31 a share.
While Yahoo and AOL are still discussing a possible deal to keep Yahoo from falling into Microsoft’s hands Rupert Murdoch’s News Corporation has ruled out launching a rival bid. “We are definitely not going to make a bid for Yahoo,” said Murdoch.
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