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Last Updated: Jun 30, 2008 - 11:14:37 AM |
SATURDAY April 5, 2008 (foodconsumer.org) -- Microsoft sent an ultimatum on Saturday, according to The New York Times, to ask Yahoo to sell itself to the world-largest software company within the next three weeks, warning that the company would directly make its offer to Yahoo shareholders, probably at a lower price if it rejects the renewed offer.
Early on Jan 31, Microsoft offered a takeover bid to purchase Yahoo for a price valued at the time at $44.6 billion or $31 a share. Yahoo rejected it saying its value was significantly undervalued.
Microsoft CEO, Steven A. Ballmer, in a letter sent by email, expressed his disappointment with Yahoo's early refusal to start formal negotiations and warned if the new proposal was not considered, Microsoft would seek to oust Yahoo's board, The Times reported.
"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," Mr. Ballmer was quoted as writing.
"If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective, which will be reflected in the terms of our proposal."
Yahoo did not offer any comment.
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