FADING INTERNET PORTAL Yahoo has ceased its efforts to keep documents related to Microsoft's failed bid to buy the firm sealed.
Yahoo tried to keep documents relating to the failed 2008 buyout attempt by Microsoft sealed from investor Dan Loeb. Loeb, who runs the Third Point hedge fund with a five per cent stake in Yahoo led a shareholder's revolt against Yahoo's board and wanted to see documents related to Microsoft's bid to buy the company.
Microsoft tried to take over Yahoo in 2008 with an offer of $31 a share, over double Yahoo's share price now. According to Loeb, the documents will highlight the then Yahoo board's "misjudgments and failures".
Loeb is after documents that made up part of a shareholder lawsuit that was settled. According to Yahoo, its decision to cease efforts at keeping the documents sealed was due to the lawsuit being settled and unable to be reopened.
Loeb had tried to get his preferred board members onto Yahoo's board or directors including himself, however the firm announced that it had appointed three new board members, none of which were on Loeb's list.
Since Microsoft's bid for Yahoo went south the two firms signed an agreement that sees Microsoft power the firm's search engine while Yahoo offers its advertising sales 'expertise'. With Yahoo giving up on keeping the Microsoft bid documents sealed, they could become public and lead to insights as to why the deal didn't go ahead. µ