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Amid Employee Concerns, Microsoft Prepares Proxy Yahoo Board

Many Microsoft employees are against a Yahoo acquisition, and while concerns might not be enough to force the software giant to reconsider its $45 billion bid, CEO Steve Ballmer has indicated that Microsoft could walk away from the deal if Yahoo decides it's unwilling to come to the bargaining table. Speaking in Milan on Wednesday, Ballmer reiterated that $44.6 billion "is a lot of money," and that Microsoft, with no plans to raise the offer, is "prepared to move forward alone without Yahoo".

Meanwhile, Microsoft's Saturday deadline to accept the current offer is fast approaching. As such, the software giant has lined up a proxy slate of candidates to present to shareholders to replace Yahoo's board should it pursue a hostile bid. Sources say these include: former Nextel Partners Inc. CEO John Chapple, former Grey Global Group Inc. CEO Edward Meyer, Jaynie Studenmund, the former chief operating officer of Overture Services Inc., which was later acquired by Yahoo, and former Adelphia Communications Corp. Chief Financial Officer Vanessa Wittman.

Meanwhile, Microsoft is scheduled to release first quarter earnings today, although many critics feel the Yahoo deal will overshadow what is expected to be a strong performance. Yahoo execs will secretly have their fingers crossed that Microsoft delivers well, as half of the software giant's bid is in stock.

Read the whole story at The Wall Street Journal »

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