Yahoo is seeking to conceal portions of a shareholder lawsuit alleging that the company's board improperly thwarted Microsoft's $47.5 billion takeover offer, according to a lawyer for the shareholders. The lawyer argued Yahoo is trying "to whitewash embarrassing documents" because the company thinks the information will damage the board's efforts to repel a challenge by activist investor Carl Icahn. The redacted documents include information about an employee severance plan that Yahoo adopted shortly after Microsoft made its initial bid Jan. 31 and notes about a conversation between Yahoo boss Jerry Yang and Microsoft CEO Steve Ballmer.
EA OFFER EXPIRES
The $2 billion hostile bid by Electronic Arts for Take-Two Interactive Software expired Friday, but analysts are looking for the video game company to extend its offer. EA already extended its bid once but dropped the per-share offer from $26 to $25.74 because Take-Two issued additional shares. Take-Two stock, though, was at $27.10 on Friday, leading analysts to believe EA has not had success in convincing investors to tender their shares at less than market value.
RITCHIE LEAVING CINRAM
Cinram International Income Fund said that Lewis Ritchie will step down as executive vp finance and CFO on June 30, after 32 years with the company.