Monday, April 7, 2008
Over the weekend Microsoft send the Yahoo board a letter warning that it would begin a proxy solicitation to take control of the Yahoo board if the companies did not reach a negotiated deal in the next three weeks. In that event, the letter went on to say, the price Microsoft offered might be lower than the price it offered in January, a combination of cash and stock worth at that time $31 per share and now valued at closer to $29. Microsoft also noted that Yahoo's business appeared to have deteriorated in that time. Yahoo is expected to reply today. NYTimes, Yahoo Is Said to Rebuff Microsoft Threat Over Bid; WSJ, Microsoft Ratchets Up Deal Pressure on Yahoo.