As part of its plan to make an acquisition extremely unpalatable to Microsoft, Yahoo adopted a poison pill severance plan six months ago. Now, for the sake of satisfying some shareholders who sued it, Yahoo has made it slightly easier for a new owner to fire employees.
Yahoo’s Poison Pill Headed For Court
Last week’s letter war between Carl Icahn and Yahoo chairman Roy Bostock was just a preview of what’s to come. Ichan and company have challenged Yahoo’s employee retention plan (Icahn calls it a severance plan) in a Delaware court. Slated to go to trial in July, the legal matter will be settled in advance of the annual shareholders meeting on August 1.