Yahoo Inc. Chief Executive Jerry Yang pushed for an employee severance program that made it more expensive for Microsoft Corp. to engineer a takeover, according to previously sealed documents in a shareholder lawsuit against Yahoo.
The details about the severance program and other information about Yahoo’s efforts to thwart Microsoft’s takeover bid became available Monday after a Delaware judge released portions of a shareholder complaint filed last month after Microsoft withdrew an offer to buy Yahoo for $47.5 billion, or $33 per share.
The shareholders seek to hold Yang and other directors liable for failing to accept the offer.
Based on Yahoo’s internal estimates, the severance plan would have added $462 million to $2.1 billion to Microsoft’s costs, based on the softwaremaker’s initial Jan. 31 offer of $44.6 billion.
———-
Page compiled from Tribune staff, wire reports
