Shareholders Urge Yahoo To Come To A Deal With Microsoft
Legg Mason, Yahoo Inc.’s second-biggest investor, is pushing Microsoft Corp. to increase its $42 billion unsolicited bid. Bill Miller, the leading stock-picker at Legg Mason, also urged Yahoo to consider the deal, saying it has few options left.
Miller issued his appeal to Yahoo and Microsoft in a quarterly letter to investors on Tuesday, Reuters reported. In the letter, Miller said Yahoo should get about $40 a share – a significant boost to Microsoft’s initial offer of $31 per share.
In a February 10 letter, Miller said Microsoft should improve its offer – one day before Yahoo rejected Microsoft’s bid.
Legg Mason Capital Management owns about 6% of the company. According to Reuters, institutional shareholders – who own about 75% of Yahoo’s stock — have also been pressuring both parties to come to an agreement.
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