Microsoft Preps Proxy Fight for Yahoo!
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SAN FRANCISCO -- Microsoft(MSFT Quote) is taking a hard-line approach in its quest to reel in Yahoo!(YHOO Quote).
Microsoft will launch a fight for control of Yahoo!'s board this week, according to a report Tuesday in The New York Times.
Intending to pressure Yahoo! directors to negotiate with the Redmond, Wash., software company, which made a $31-a-share bid Feb. 1, Microsoft will nominate a slate of directors to Yahoo!'s board.
Running a proxy battle is viewed as a far less costly way to buy the Internet company than raising its initial bid of $44.6 billion, which Yahoo! rejected. The value of that half-cash/half-stock bid has fallen since Microsoft's share price dropped 13% to close at $28.31 on Friday. Yahoo! reportedly is holding out for $40 a share. ...
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