Shareholders blast Yahoo over Microsoft bid
InternetNews | at | by Mike
In a filing with the Securities and Exchange Commission yesterday, Yahoo said that seven shareholder groups have filed lawsuits against the company's board of directors since Microsoft announced its unsolicited bid to take over the company.
The class action lawsuits charge that Yahoo's board has breached its fiduciary duty to the shareholders in its response to Microsoft's offer of $31 per share. The lawsuits are a sign of growing pressure on the company to come forward with a plan to restore value to the slumping Internet giant.