toggle

AAPL Stock: 131.8 ( + 2.18 )

Printed from http://www.macnn.com

Microsoft completely withdraws proxy board

updated 06:25 pm EDT, Thu May 8, 2008

Microsoft withdraws board

Microsoft has put the final nail in the coffin in terms of the Yahoo merger, as the proposed proxy board received notice from the software giant Thursday morning, dismissing any responsibilities the board would have had in the event of a hostile takeover. The Wall Street Journal writes that Microsoft's law firm Sullivan & Cromwell sent out the notice, indicating that company is firmly rooted in its decision to not make a hostile bid for Yahoo.

The withdrawal disappointed Yahoo investors - some of which were holding out for a high $30-per-share price - sending stock prices plummeting, with some of the value recuperated over the following days as confidence was restored.

Yahoo was also weighing an option of electing its own alternate board, according to insiders familiar with the matter.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

  1. Herod

    Joined: Dec 1969

    0

    good

    no one wanted this to happen anyway. concentrate on your garbage vista os instead.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Notti smart lamp from Witti

Perhaps you've already seen our review of the Dotti LED display from Witti Design. Meet Notti, Dotti's "sibling". Notti is a softb ...

Seagate Personal Cloud (2-Bay)

When it comes to backing up files, many users are now looking to the myriad of cloud storage solutions available. There is no doubt th ...

Leitz Icon Label Printer

When you say the words "label printer" to people, they either just really don't care, or they get incredibly excited. This is one o ...

toggle

Most Commented