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Microsoft (MSFT Quote) and Carl Icahn this week effectively upturned the conventional notion that you must negotiate a transaction with another company's board.
The software company and the activist investor are essentially bypassing Yahoo!'s (YHOO Quote) board and saying, We're fed up and won't deal with you any longer. Instead, they're negotiating directly with Yahoo!'s shareholders by trying to take control of the board at next month's annual meeting.
The implications for boards, activist investors and future takeover battles are significant. Dumb and lazy boards can no longer stand in the way of the will of shareholders.
Challenging the Conventional Thinking ...
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