Yahoo! is being sued by shareholders for attempting to avoid Microsoft’s proposed $44.6 billion takeover.

 

Two Detroit pension funds have filed a lawsuit against the internet giant, saying it shouldn’t have been so dismissive towards Microsoft’s approaches.

 

According to reports, five other lawsuits have also been filed against Yahoo! saying the company didn’t have the best interests of shareholders and pension-holders at heart when failing to negotiate Microsoft’s offer.

 

 

 

The Detroit lawsuit reads: “Yahoo’s directors cannot ‘just say no’ indefinitely to legitimate acquisition offers. Likewise, Yahoo’s directors cannot pursue transactions that do not require shareholder approval for the primary purpose of making Yahoo unattractive to Microsoft.

 

“Regardless of their emotional ties to Yahoo and their desire to retain their positions as directors at the company, the Yahoo directors owe fiduciary duties to Yahoo and its shareholders,” it continued.

 

 

Yahoo! is understood to be willing to negotiate with Microsoft, however, and has been rumored to be in talks with other companies, including Google and News Corp, over alternative deals.

 

Yahoo! was unavailable for comment.