Microsoft sets deadline for Yahoo acquisition deal
After nearly two months of waiting on their proposed acquisition deal, Microsoft and their CEO Steve Ballmer have sent a new letter to Yahoo’s board setting a deadline on the deal.
In the letter dated April 5th, Ballmer said that “now is the time” to negotiate final terms of the deal.
“If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors.”
Also in the letter was a threat to reduce the offer if Yahoo does not act within this deadline.
“During these two months of inactivity, the Internet has continued to march on, while the public equity markets and overall economic conditions have weakened considerably.”
The deadline falls on April 26th, four days after Yahoo and two days after Microsoft report their quarterly earning results.