IOL, 7 April 2008.
Microsoft has issued a three-week ultimatum for Yahoo to accept its US$44.6 billion takeover offer or face a hostile battle for the support of the Internet giant's shareholders.
In an open letter to the Yahoo board of directors, Microsoft Chief Executive, Steve Ballmer, accuses the company of avoiding serious negotiations over its 1 February 2008 offer and warned that any further delays could result in a less attractive offer for Yahoo.
Ballmer notes that, "We believe now is the time for our respective companies to authorise teams to sit down and negotiate a definitive agreement." Ballmer further warned that if the deal is not concluded within the next three weeks, Microsoft will be compelled to take its case directly to Yahoo shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo board.
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