May 6, 2008 11:22 AM

Skadden Lawyers Held Off Microsoft in Yahoo Bid

Posted by Brian Baxter

American Lawyer sibling publication The Recorder reports today on Yahoo's lawyers at Skadden, Arps, Slate, Meagher & Flom and the effective strategy they devised to thwart Microsoft's takeover bid. On May 3, Microsoft abandoned its three-month effort to acquire Sunnyvale, Calif.-based Yahoo, one of the Web's leading information portals.

Led by Palo Alto and San Francisco office managing partner Kenton King, Skadden advised Yahoo to amend its bylaws to postpone a deadline for nominating new directors. The delay allowed Yahoo to develop a separate advertising agreement with Google, which apparently was the deal breaker for Microsoft.

"It had the advantage at the same time of giving shareholders more time and also taking some pressure off the situation," King told The Recorder.

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