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.”