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July 25, 2008 5:46:17 PM CDT

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Yahoo Faces Lawsuits, Rough Ride on Wall Street

Posted May 5, 08 6:17 AM CDT in Business 

(Newser) – At least seven lawsuits already have been filed against Yahoo for its handling of Microsoft’s bid to acquire the Internet portal and lawyers say the company is likely to face more, reports Reuters. Microsoft withdrew a $33-per-share offer Saturday—a 70% premium above Yahoo’s share price three months ago when Microsoft launched its bid—after Yahoo demanded $37.

One lawyer lambasted Yahoo CEO and founder Jerry Yang, saying he blocked the bid for personal reasons. But at least one expert says Yahoo needn’t worry about the suits because Microsoft withdrew its offer, and never launched a hostile takeover bid. The battle has inflated Yahoo’s stock, which some say could plunge as much as 30% today.

Source Reuters

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Microsoft CEO Steve Ballmer.   (AP Photo/Paul Sakuma)
The Times Square news ticker flashes a headline about Microsoft above a billboard for Yahoo in New York.   (AP Photo/Mark Lennihan, File)
An exterior view of Yahoo headquarters in Sunnyvale, Calif.   (AP Photo/Paul Sakuma, File)
The Yahoo Center office building is seen in Santa Monica, Calif.   (AP Photo/Damian Dovarganes)
A Yahoo worker walks into Yahoo headquarters in Sunnyvale, Calif.   (AP Photo/Paul Sakuma, file)
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Google  • Microsoft  • lawsuit  • Yahoo  • acquisitions  • Jerry Yang  • AOL


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