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SUNNYVALE, Calif. - Yahoo Inc. is facing seven shareholder lawsuits alleging the slumping Internet pioneer bungled its response to Microsoft Corp.'s unsolicited takeover bid.
The Sunnyvale-based company provided a breakdown of the suits in an annual report filed Wednesday with the Securities and Exchange. The documents didn't provide any new information about Yahoo's attempts to shoo away Microsoft, which is threatening to pursue a hostile takeover unless a friendly deal can be negotiated.
Yahoo's board believes Microsoft's offer, originally valued at $44.6 billion, is insufficient. Microsoft, though, has stood firm and is now preparing to overthrow Yahoo's 10-member board, which includes the company's co-founder and chief executive, Jerry Yang. Microsoft faces a March 14 deadline to nominate an alternate slate of directors.
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