Microsoft seeks to replace Yahoo board

By

Microsoft has taken on a firm of 'corporate action specialists' in a bid to replace the Yahoo board of directors which formally declined the software giant's US$44 billion offer made on 1 February..

Microsoft seeks to replace Yahoo board
Innisfree M&A Incorporated confirmed that it has been hired by Microsoft.

In a so-called 'proxy fight' Microsoft would hope to encourage investors to remove the existing Yahoo board, all of whom are up for nomination this year.

A report in The New York Times on Tuesday suggested that Microsoft may instigate its proxy battle as soon as this week.

The company would then have until 14 March to submit its own choice of directors for shareholders to approve.

Yahoo, meanwhile, has quickly ushered in generous redundancy benefits for employees.

Details revealed in a securities filing suggest that all staff will receive at least four months' salary, with top executives securing two years' worth, in the event of redundancies if the company is sold in the next two years.
Got a news tip for our journalists? Share it with us anonymously here.
Copyright ©v3.co.uk
Tags:

Most Read Articles

Defence trials AI radiocomms deception technology

Defence trials AI radiocomms deception technology

Cricket Australia to deploy SD-WAN, Teams Calling

Cricket Australia to deploy SD-WAN, Teams Calling

Optus quietly delays mobile-to-satellite service launch

Optus quietly delays mobile-to-satellite service launch

CSIRO seeks fibre optic provider for WA telescope

CSIRO seeks fibre optic provider for WA telescope

Log In

  |  Forgot your password?