Today’s New York Post reports that Microsoft has hired proxy solicitation firm Innisfree after Yahoo spurned its $31/share offer. Microsoft’s move continues to set the stage for a budding proxy fight.
The Post also reports that fund giant T. Rowe Price, proud owner of 18 million Yahoo shares, would be ”very vocal” if Yahoo rejected a raised offer from Microsoft (translation: proxy […]
“There will be blood,” begins The Wall Street Journal piece this morning, defining the landscape for the Microsoft - Yahoo struggle.
It is also one of the first articles to highlight Yahoo’s poison pill, and makes artful references to the H-P / Compaq proxy war.
What must Yahoo’s Jerry Yang be thinking today?
Microsoft’s unsolicited $44.6 billion bid for Yahoo has the potential to turn into a major proxy fight, the likes of which we have never seen. All the ingredients are present: two cash rich players, highly visible management teams, extreme pride on both sides, and a whopping 62% offer premium.
