Internet and software giant Microsoft is set to attempt a boardroom coup at Yahoo! if the search engine provider fails to engage in "serious" talks concerning a potential takeover bid, it has been suggested.According to the Times, a banking source close to Microsoft has revealed that the firm is preparing to nominate a "slate" of executives to sit on Yahoo!'s board if Yahoo! does not enter into discussions or accept the $41 billion bid.
These executives would recommend that Yahoo! either takes up Microsoft's offer or at least begins serious talks concerning the possible deal.
According to the rules that govern the structure of Yahoo!, any shareholder can nominate directors before March 14th in time for its annual meeting and, should Microsoft's board nominations be successful, their appointment would be immediate.
The Times' informant stated: "We would be negligent if we were to allow this date to pass."
According to the newspaper, although Microsoft declined to comment on the issue, the only thing that would stop the firm from launching such a coup would be if Yahoo! entered into formal talks concerning the offer.
Recently, Bloomberg reported that the majority of Yahoo!'s shareholders would prefer the company to sign a deal with Microsoft than attempt to oppose it.
For example, Darren Bagwell, an investment manager at Thrivent Asset Management - a firm which owns over a million Yahoo! shares - stated that he "ran out of patience a long time ago" concerning the company's reluctance to enter into a deal.
