A court case involving the Police & Fire Retirement System of the City of Detroit and the General Retirement System of the City of Detroit has brought some interesting documents to light – ones that could prove very embarrassing for Yahoo boss Jerry Yang.
It appears that as early as January 2007 he and the Yahoo board turned down an offer from Microsoft, this one of a hefty $40 per share, and the documents would seem to show that Yang was eager to quash any possible deal.
"Yang’s defensive and self-interested conduct was grossly disproportionate to any threat arguably presented by Microsoft’s proposal for a friendly merger," the papers read. "There is no question of Microsoft’s ability to finance the transaction, or its sincerity in seeking a negotiated position. Yahoo’s poison pill precluded a hostile bid."
Of course, not long ago Yahoo refused another, more public Microsoft offer, and now Yang and the board have found themselves under attack from outraged shareholders who feel they should have either taken Microsoft’s money or at least negotiated. This revelation won’t make the dissidents any happier.
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