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The New York times dealbook reports today that ‘In an escalation of its fight for Yahoo, Microsoft will authorize a proxy fight at the Internet company this week’….’Unless Yahoo quickly reverses course and enters into talks, Microsoft would then seek to nominate a slate of directors to Yahoo’s board by March the 13th, the final deadline for nominations, and pursue a lengthy campaign to oust the board.’
After internet giant Yahoo rejected Microsoft’s earlier offer as ‘undervalued’ this move is thought to be a less expensive attempt to influense shareholders and ultimately wage a proxy fight against board members than raising the initial $44.6 billion bid.
‘We sent them a letter and said we think that’s a fair offer. There’s nothing that’s gone on other than us stating that we think it’s a fair offer,’’ Bill Gates, Microsoft’s chairman, is reported to have toldthe Associated press in an interview on Monday.’Thet should take a hard look at it’ he concludued.
Microsoft seems to be hinting that it will attempt to lock-up Yahoo in any way it can. Unfortunately for Yahoo, all it’s directors are up for nomination this year as it does not have a staggered board and, as Dealbook note ‘…per section 3.3 of the by-laws, in a contested election, directors are elected by a plurality of votes cast’.
The rest of the internet world keeps watching as the giants slug it out. Who knows what will happen next?
