Yahoo sued over cross-talk bidding provision
A Yahoo shareholder has launched a class action lawsuit against the online giant, alleging that a ban on cross talk for firms interested in acquiring the company is anticompetitive and harms shareholders.
"The No Cross Talk Provision constitutes an unreasonable anti-takeover device, designed to entrench and favor [Yahoo co-founder Jerry] Yang and the current Board," M&C Partners III, the case's plaintiff, wrote in a suit obtained by CNET and filed with the Delaware Chancery Court last week. "It tilts the playing field unreasonably in favor of Yang, who is working to attract investors who … Read more