Ever since Yahoo rejected Microsoft’s $31 a share offer to buy the company, the two sides have been gearing up for a prolonged fight over Yahoo’s fate. Microsoft is preparing to try to unseat Yahoo’s board members in a proxy battle that could cost as much as $30 million (which is still cheaper than raising its bid). Yahoo, for its part, amended its severance plan to cover all employees in case of a change in control of ownership.
It includes accelerated vesting of options, continued severance pay of between four to 24 months of each employee’s base salary, plus $3,000 to $15,000 in outplacement services per laid-off employee. And there are going to be a lot of those after the merger. Henry Blodget estimates this severance plan alone will cost Microsoft an additional $1 and $3 billion, which pretty much wipes out the $1 billion in savings Microsoft thinks it can get from merging the two companies (i.e., by laying off redundant employees).
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