Microsoft ramps up fight to acquire Yahoo!
Microsoft is strengthening its bid for Yahoo!, with the appointment of law firm, Innisfree M, to drive a proxy battle to gain control of the internet company. The new tactic follows Microsoft’s failed bid to take over Yahoo! earlier this month.
A proxy fight would see the software giant nominate a group of Yahoo! board directors that support the deal and would promote it to shareholders ahead of a vote at its annual meeting. The deadline for nominations is March 14.
The more aggressive strategy is a less expensive route for Microsoft, costing an estimated £15.4m, much lower than the failed £20.6bn bid it had made for Yahoo!.
Earlier this week, it was reported that if Microsoft did not manage to secure a deal with Yahoo!, it could turn its attention to Facebook, of which it currently has a 1.6% stake (MW.co.uk, February 18).
