attempting a hostile takeover of Yahoo! Inc. (NASDAQ:YHOO). According to the article, Microsoft has earmarked $1.5 to retain Yahoo employees if the acquisition is successful. The details of the unsolicited bid came were made known when a Yahoo lawyer "mentioned the amount in a March 24 hearing in a lawsuit in Delaware Chancery Court." According to Reuters, 2 Detroit pension funds have filed against Yahoo and the board of directors because the company didn't respond in kind to Microsoft’s takeover offer, failing shareholders.
Microsoft offered $31 per share cash-and-stock and gave Yahoo until Saturday to respond, Yahoo said the deal "substantially undervalues" the company.
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