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Pension Funds Sue Yahoo
| Two US pension funds have sued Yahoo, it was reported recently. The lawsuit, filed by the police and fire retirement system and general retirement system at the Delaware Chancery Court, is a bid overturn the company’s position on Microsoft’s recent unsolicited $44.6 billion bid to purchase the company. It claims Yahoo and its board did not perform its duties and responsibilities towards its shareholders by turning down Microsoft’s offer. The lawsuit suggests that Yahoo's attempts to pursue third-party agreements to stave off Microsoft’s bid were "value-destructive". However, many analysts have suggested the events of the last weeks have been merely posturing for negotiation purposes. Yahoo has not in fact ruled out further negotiations with Microsoft, but it is likely the company would want the bid increased to what it believes is representative of its value, which is in the $40 a share range ($56 billion). Microsoft’s February 1, 2008 takeover bid was priced at $31 per share. Although Chairman and Managing Director Rupert Murdoch had initially suggested News Corporation was not interested in purchasing Yahoo, it was reported that since declining Microsoft’s offer, Yahoo was in discussion with the MySpace owner. |
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