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Chrissie Cole
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Yahoo Faces Shareholder Lawsuit

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A shareholder lawsuit has been filed against, Internet giant, Yahoo, for refusing a $44.6 billion buyout offer by Microsoft.

The Detroit Police and Fire retirement system andWayne County Employee’s Retirement System, of Michigan, which owns approximately 13,600 shares of Yahoo, filed a lawsuit in Michigan court asking that Yahoo be forced to consider the buyout.

The complaint was filed after Yahoo officially rejected Microsoft’s offer on Monday morning. Yahoo’s board of directors unanimously rejected the bid, saying the offer “substantially undervalues Yahoo.”

The Wayne County Employee’s Retirement System believes the board failed to meet its obligation to shareholders in evaluating the offer. “We want the board to be responsible and to take this offer seriously, review it appropriately, and respond appropriately,”

“Just saying no is not an appropriate response.”