SEVEN shareholders have decided to sue Yahoo for bungling the takeover bid by Microsoft.
Yahoo’s board claimed that Microsoft’s offer, originally valued at $44.6 billion, is insufficient.
However five shareholders have decided to take Yahoo to court because Yahoo tried to stonewall the deal without trying to negotiate something better.
Another two claim that Yahoo unfairly favoured Microsoft’s “inadequate” bid even though the board eventually turned down the original cash-and-stock offer of $31 per share.
But because Yahoo mucked around’ Microsoft’s stock price has declined by 13 per cent and the bid was worth only $28.94 a share.
On top of this, Microsoft has been also talking about engineering a shareholder revolt in favour of the deal.
News source: THEINQUIRER