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Yahoo Buys Time to Delay Proxy Battle

Posted Mar 5, 08 9:13 AM CST in Business,  Technology 

(Newser) – Yahoo may postpone its annual meeting to delay a proxy battle with Microsoft, reports the New York Times. The move would temporarily fend off a hostile takeover bid by the computer giant, and buy Yahoo some time to weigh its options, including a negotiated deal with Microsoft and a merger or joint venture with Time Warner’s AOL. Microsoft’s bid currently is worth $41.2 billion.

Yahoo must hold a meeting by July 12, enough time for the companies to work a new deal. Yahoo believes Microsoft’s original $44.6 billion bid was low; it’s eroded since as Microsoft’s share price has declined. Yahoo has talked with Google and News Corp, but now appears interested in AOL, a move that Google, which owns 5% of AOL, supports.

Source New York Times

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A Microsoft Corp. building is shown Monday, Feb. 11, 2008, in Redmond, Wash. Yahoo Inc.'s rejection of Microsoft unsolicited takeover bid Monday left investors guessing Microsoft's next move as Yahoo's...   (Associated Press)
The Yahoo Center office building is seen in Santa Monica, Calif. in this Feb. 2, 2008 file photo. Yahoo is scrambling to avoid a takeover by Microsoft.   (Associated Press)
This combination of two file photos shows Microsoft CEO Steve Ballmer, left, and Yahoo CEO Jerry Yang. Yahoo Inc. on Monday, Feb. 11, 2008 spurned Microsoft Corp.'s $44.6 billion takeover bid as inadequate,...   (Associated Press)
Chinese subway riders walk past a Yahoo advertisement at a metro station in Beijing, in this March 12, 2006 file photo. Yahoo Inc.'s rejection of Microsoft Corp.'s unsolicited takeover bid left investors...   (Associated Press)
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Google  • Microsoft  • Yahoo  • News Corp  • mergers and acquisitions  • Jerry Yang  • AOL  • proxy battle  • hostile takeover  • takeover bid


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