Microsoft Gives Yahoo Deadline

In a letter addressed to Yahoo's board of directors, Microsoft CEO Steve Ballmer has given Yahoo three weeks to accept Microsoft Corp's $31-a-share cash-and-stock offer. "If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors," Ballmer wrote.

Then he threatened to reduce Microsoft's offer if Yahoo failed to meet the deadline: "That action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal." According to a person close to the search engine, Yahoo's board is currently reviewing the letter.

Thanks HappyAndyK for the tip!

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