Investors May Get Final Say in Microhoo Search Deal
ADOTAS – Dis! Microsoft chief Steve Ballmer dropped a bomb today, claiming that snapping up Yahoo was not a strategy in itself, and dropping the bid means the company has $50 billion worth of play money, Reuters reports.
“Yahoo was never the strategy we were pursuing, it was a way to accelerate our online advertising business,” Ballmer said at a tech conference in Moscow. Er, nice try? (comScore just released numbers for April, showing that the software titan is continuing to slip in the search advertising game).
Microsoft is still pursuing a partnership with Yahoo that will allow it to take advantage of Yahoo’s more robust search/ad biz. And Yahoo is hoping to work out a deal with Microsoft and Google.
But Yahoo investors, who are increasingly angry with the Internet pioneer’s business strategy, may be able to vote down any search deal, CNET reports.
That’s thanks to a tiny legal loophole under Section 271 of the Delaware General Corporation Law, which states that companies must seek shareholder approval for any sale of its corporation assets.
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