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Microsoft ready to get rough with Yahoo
>> From sfgate.com:
[QUOTE]
Microsoft Corp. is poised to try a hostile takeover of Yahoo Inc. by nominating its own slate of directors if the Sunnyvale Web portal fails to start negotiating its sale, according to a person familiar with the matter.
Microsoft's plan comes a little more than a week after Yahoo formally rebuffed a $44.6 billion acquisition proposal that would combine the two technology industry pioneers. The unsolicited offer substantially undervalued Yahoo and was not in the interest of its shareholders, Yahoo's board said.
Unwilling to take no for an answer, the Redmond, Wash., software behemoth is preparing a hostile bid - a proxy fight - that would ratchet up what is already among Silicon Valley's most high-profile takeover sagas. Such a tactic would open the door to months of campaigning by both companies for the hearts and minds of investors, who would be buffeted by conflicting viewpoints about Yahoo's future.
For Microsoft, trying to install a new board has its obvious advantage, aside from stacking a merger vote in the company's favor. The cost would be around $20 million to $30 million - mostly for legal and adviser fees - compared with spending billions dollars on a sweetened merger offer, according to the source, who is not authorized to speak publicly about the developments.
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Full Story: sfgate.com
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