That didn’t take long. A Michigan county pension plan has sued Yahoo, Information Week reports (via Stefanie Olsen at CNET), rushing to the head of the line of shareholders who want to force the company to take Microsoft’s money.
The Wayne County Employee’s Retirement System of Michigan, which owns about 13,600 shares of Yahoo, filed the lawsuit Monday in Delaware Chancery Court. The suit asks the court to force Yahoo to consider takeover offers.
The complaint was filed shortly after Yahoo officially rejected the Microsoft offer on Monday morning. Yahoo’s board of directors unanimously rejected the bid, saying the offer “substantially undervalues Yahoo.”
The Wayne County Employee’s Retirement System believes the board failed to meet its obligation to shareholders in evaluating the offer. “We want the board to be responsible and to take this offer seriously, review it appropriately, and respond appropriately,” David H. Fink, a lawyer for The Miller Law Firm of Rochester, Mich., which is representing the retirement system, told InformationWeek Tuesday. “Just saying no is not an appropriate response.”
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