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Microsoft Gives Yahoo Deadline on Offer |
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Posted 07 April 2008 @ 05:04 am EET |
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SEATTLE (AP) - Microsoft Corp. has sent a letter to the Yahoo Board of Directors setting a three-week deadline for moving forward on its buyout offer.
The April 5 letter signed by Microsoft CEO Steve Ballmer says Microsoft will take its case directly to Yahoo shareholders and work to elect a new slate of directors, if the board doesn't respond by the deadline.
The bid to buy Yahoo was made in January and announced Feb. 1.
At the time, Microsoft offered $44.6 billion, or 62 percent above Yahoo's market value. The deal is currently valued at about $41 billion, based on Friday's closing share prices.
Yahoo's board formally rejected Microsoft Corp.'s bid, saying it undervalues the company.
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Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |
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