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+-   Yahoo sued for spurning Microsoft on Friday February 22 2008, @07:43PM tuxgeek

Submitted by tuxgeek on Friday February 22 2008, @07:43PM
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tuxgeek writes "In the continuing saga of Yahoo resisting a Microsoft buy out, Yahoo is now being sued by it's shareholders.

DOVER, Del. — Two Detroit pension funds have sued Yahoo Inc. and its board of directors, saying they breached their duties to shareholders in trying to thwart a takeover by Microsoft Corp. The lawsuit was filed in Delaware Chancery Court on Thursday by lawyers representing Detroit's police and fire retirement system and general retirement system, as well as "all other similarly situated public shareholders." Sunnyvale, Calif.-based Yahoo, whose shares closed unchanged at $28.42 on Friday, rejected Microsoft's $44.6 billion takeover bid as inadequate, but indicated that it might be willing to negotiate if the price was right. Yahoo is believed to want at least $40 per share, or about $56 billion.

More on the article: http://news.yahoo.com/s/ap/20080222/ap_on_hi_te/yahoo_shareholder_lawsuit"
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