News / Business
Microsoft Gives Yahoo Three Weeks to Accept Offer or Face Consequences
Microsoft Corp (Nasdaq: MSFT) has apparently run out of patience with Yahoo Inc. (Nasdaq: YHOO) and given the high tech company a three-week deadline to accept its $40 billion buyout or face a much more aggressive approach to the desired acquisition.
Microsoft has offered a $31 per share cash-and-stock deal but Yahoo’s board of directors has balked at that proposal saying it undervalued the company. CEO of Microsoft, Steve Ballmer, turned up the heat on Saturday with a letter to the Yahoo board declaring,
“If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors.”
Ballmer warned that if Yahoo failed to meet the set deadline “That action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal.”
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