NEW YORK (Reuters) - Yahoo Inc likely faces a flood of shareholder lawsuits for rejecting a $47.5 billion takeover bid from Microsoft Corp, even if investors find holding the company responsible to be an uphill battle.
Microsoft pulled its sweetened $33-per-share offer on Saturday because the Internet company was holding out for $37 per share, even though Microsoft's price was more than 70 percent above where Yahoo shares were trading before the takeover battle started more than three months ago.
"I think it's pretty hard for the Yahoo board to turn down $33 when they've shown no ability to turn around their stock price," said Stuart Grant, managing director at Grant & Eisenhofer, a law firm that specializes in bringing investor lawsuits.
http://www.reuters.com/article/ousiv/idUSN0434026820080505
Here we go with the lawsuit talks and although I was opposed for Microsoft making the deal, I simply cannot understand why Yahoo did not accept it. Too much ego?
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