SAN JOSE (CN) - Three federal class-action derivative lawsuits, with clashing intentions, have been filed against Yahoo! and its directors, stemming from Microsoft's $45 billion buyout offer. Two plaintiffs, represented by Faruqi & Faruqi of Los Angeles, want Yahoo! enjoined from accepting Microsoft's offer.
The offer made my Microsoft is$31 per share, a 62 percent premium over the pre-offer market price of Yahoo! shares, or 0.9509 of a share of Microsoft common stock. These plaintiffs call the offer "unfair and grossly inadequate, because ... the intrinsic value of Yahoo's common stock is materially in excess of the amount offered, given the company's growth and anticipated operating results, net asset value and future profitability."
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