Yahoo has three weeks to accept the Microsoft's 31-a-share cash-and-stock offer. It is stated in the letter which was been sent to the Yahoo's board of Directors.
"If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors," Steve Ballmer, CEO Microsoft wrote.If Microsoft don't get reply till the deadline, then the offer will be reduced.
"That action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal."
As of now, the letter is being reviewed by Directors.
Full story at source.
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