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Business Briefing / Internet

Yahoo severance plan is approved

March 07, 2009|TIMES WIRE SERVICES

Yahoo Inc. won court approval of a settlement mandating changes to the company's severance plan that investors contend will make it easier for Microsoft Corp. or other potential suitors to buy the owner of the second-most popular U.S. Internet search engine.

Delaware Chancery Court Judge William B. Chandler III said he would approve the accord, which resolves investor lawsuits over Yahoo executives' decision last year to rebuff Microsoft's buyout offers.

Shareholders sued after former Chief Executive Jerry Yang rejected a bid by the world's largest software company.

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