Microsoft Gives Yahoo Ultimatum on Buyout Offer
By Clint Boulton
Microsoft's Steve Ballmer tells Yahoo's board he wants to complete a purchase deal by the end of April. Or else they will go right to shareholders.
Microsoft CEO Steve Ballmer lowered the boom on Yahoo April 5, telling the company that if the two companies
can't come to a decision regarding Microsoft's $31 per share purchase
offer within three weeks, it will take its offer directly to Yahoo's
shareholders.
Ballmer offered the ultimatum, which signals the beginning of a
proxy fight, in a letter sent to Yahoo's board Saturday, an unusual
move for a dialogue that has been conducted throughout the course of
the business week.
The letter comes after Microsoft and Yahoo have held casual but fruitless negotiations regarding Microsoft's offer, which was worth $44.6 billion when it was first made Feb. 1, but has sunk to about $42 billion due to decline in both company's shares.
Read the full article: Ballmer Threatens Yahoo with Hostile Takeover.