Yahoo! Board Approves Anti-Takeover Provision

Internet media company Yahoo! (YHOO Quote) on Thursday said its board approved an anti-takeover provision designed to deter "coercive" tactics by which shares of the Santa Clara, Calif, company could be snapped up "without offering a fair and adequate price and terms to all of Yahoo!'s stockholders."

In a statement, Yahoo! said the measure "was not adopted in response to any effort to acquire control of Yahoo!" But at Thursday's closing price of $24.44, Yahoo!'s shares are down about 88% from their 52-week high, and established media conglomerates, including News Corp. (NWS Quote), Disney (DIS Quote) and Viacom (VIA Quote) have been rumored to be interested in acquiring Yahoo! The anti-takeover measure, known as a shareholder rights plan, would grant shareholders the ability to buy one unit of a share of a series of preferred stock for $250 if a person or group gained control of 15% of Yahoo!'s shares.