Microsoft sets deal deadline
E-commerce
07 April 2008
Microsoft has given Yahoo! a deadline of three weeks in which to enter official merger talks, it has been reported.
The computing company has warned it will launch a proxy fight to oust Yahoo!'s directors and threatened to lower its bid for the social network.
"If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders," warned Steve Ballmer, Microsoft chief executive, in a letter to Yahoo!'s board.
Microsoft's initial deal of £15 per share was rejected, although executives from the companies have met to try to move the takeover forward.
Any deal would give Bill Gates' computer firm access to an enormous user base, to which it could market its products and target with advertising.
Yahoo!'s board was said to be split over Microsoft's approach, with more traditional members trying to keep hold of the company's identity.
Yahoo! sites were the third most popular for UK internet users, behind eBay and Microsoft, according to data from analysts, comScore.
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