Featured Articles

KitKat has more than a fifth of Android users

KitKat has more than a fifth of Android users

Android 4.4 is now running on more than a fifth of Android devices, according to Google’s latest figures.

More...
Nvidia introduces five new Quadro cards

Nvidia introduces five new Quadro cards

Nvidia has revamped its Quadro professional graphics line-up with a total of five new cards, two of which are based on…

More...
AMD Tonga XT graphics cards come later

AMD Tonga XT graphics cards come later

According to sources who wish to remain unnamed, we should see an AMD Tonga XT-based graphics card launched sometime in September.

More...
Nvidia Maxwell Geforce 800 comes in September

Nvidia Maxwell Geforce 800 comes in September

Nvidia was always cautious when talking about upcoming Maxwell parts, the first of which was launched back in March and based…

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Wednesday, 11 June 2008 07:11

Yahoo shareholder litigants seek early trial

Written by David Stellmack

Image

Before August 1st

The claimants who are suing Yahoo, Inc.’s Board of Directors have filed a motion demanding a trial on their claims before Yahoo’s Annual Shareholder Meeting on August 1st. They claim the early trial is needed to effectively challenge a Yahoo employee severance package that is the only issue blocking Microsoft’s offer to acquire Yahoo.

The plaintiffs have demanded a trial ahead of the company's Aug. 1 annual meeting to bring the so-called “poison pill” severance issue to light. The plaintiffs claim that the severance provisions could cost as much as $2.4 billion, and that this excessive amount has poisoned the deal for Microsoft.

The plaintiffs also contend that Yahoo has put this prohibitively costly provision in the deal to discourage Microsoft from acquiring Yahoo. Yahoo has countered that the cost is more likely between $514 million and $845 million and denied all of the claims in the lawsuit.

The lawsuit was filed in The Delaware Court of Chancery, which holds trials without juries. Delaware is a favorite corporate venue for company registration since disputes and merger battles can be fought there.

The lawsuit was originally filed in February by the City of Detroit's Police and Fire Retirement System and General Retirement System, two pension groups that have a substantial stake in the sale of Yahoo.

It states that Yahoo’s CEO, Jerry Yang, conspired with co-founder, David Filo, in order to find a way to maintain Yahoo's independence from Microsoft's buyout bid, as they both have a substantial personal interest in keeping Yahoo as a standalone company.

Last modified on Wednesday, 11 June 2008 07:26

David Stellmack

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments