Gimme five
Search Engines
03 March 2008
Yahoo! is facing five lawsuits, which argue it has acted illegally by fighting Microsoft's takeover offer, the Independent has reported.
The cases were brought because having rejected the offer, the company is accused of ignoring its duty to shareholders.
In its annual report Yahoo! described these recent events as "a significant distraction for our management and employees and have required the expenditure of significant time and resources by us".
The company is also reported to have promised its employees huge bonuses if any deal went ahead – making it more expensive for buyers.
The Times has reported Bill Gates' company will attempt a boardroom coup at Yahoo! within a week and it is preparing a list of potential board members.
Jerry Yang, co-founder of Yahoo!, was offered $45 billion (£23 billion) by Microsoft but he claimed this undervalued the company.
The takeover is important to Microsoft as it hopes to compete with Google and generate income from search advertising.
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