Microsoft has told Yahoo that it has three weeks to agree to its US$42 billion takeover bid or face a proxy fight and possibly a lower offer.
"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 for the Yahoo board," said Microsoft CEO Steve Ballmer in a letter he sent to today Yahoo's board.
Ballmer added that if Microsoft was forced to take an offer directly to Yahoo's shareholders, it would most likely reduce its offer...
story http://www.thestandard.com/news/2008/04/07/microsoft-threatens-yahoo-proxy-fight
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