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Yahoo! Shareholders filed lawsuit over Microsoft bid

Two Detroit pension funds have filed a shareholders lawsuit against Yahoo in the Delaware Chancery Court, according to reports Friday.

The lawsuit, filed by the a Detroit public employees pension fund and a Detroit firefighters and police pension fund, accused the Internet search pioneer of stonewalling Microsoft‘s unsolicited buyout offer, initially valued at $44.6 billion on February 1.

Yahoo‘s directors cannot ‘just say no’ indefinitely to legitimate acquisition offers when the effect of that decision is to deny shareholder choice in the face of non-coercive and economically beneficial bid–especially where, as here, the bid may yet be improved through negotiations,” the lawsuit stated, according to MarketWatch.

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Microsoft, Yahoo!, Bid, MSFT-YHOO, YHOO-MSFT, Shareholder, Lawsuit, Legal Matter

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