Is Microsoft indirectly going for a Proxy fight?

BLB&G LLB group is taking on Yahoo on behalf of some share holders for not accepting Microsoft bid. this page has some very useful information that’s just revealed.

On February 21, 2008, BLB&G, on behalf of Plaintiffs, filed a Class Action Complaint against Yahoo and its board of directors (the “Board”), alleging that they have acted to thwart a non-coercive takeover bid by Microsoft, which would provide a 62% premium over Yahoo’s pre-offer share price, and have instead approved improper defensive measures and pursued third party deals that would be destructive to shareholder value. Yahoo’s “Just Say No to Microsoft” approach is a result of resentment by the Board, and not any good faith focus on maximizing shareholder value. Microsoft attempted to initiate merger discussions in late 2006 and early 2007, but was rebuffed, supposedly so Yahoo’s management could implement existing strategic plans. None of those initiatives improved Yahoo’s performance. On February 1, 2008, over a year after its initial approach, Microsoft returned, offering to acquire Yahoo for $31 per share, representing a 62% premium above the $19.18 closing price of its stock on January 31, 2008.

Looks like the proxy fight is about to move forward more aggressively. Lets wait and see

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