I can imagine a caravan of lawyers heading to Yahoo's headquarters...
One immediate problem for Mr. Yang is frustration among shareholders — including some of the largest ones. In reaction to the deal’s collapse, Yahoo’s stock fell almost 15 percent on Monday, to $24.47.
“I am extremely angry at Jerry Yang and at the so-called independent board,” said Gordon Crawford, portfolio manager for Capital Research Global Investors, which owns 6 percent of Yahoo. The firm’s parent company owns a total of 16 percent of Yahoo, making it the largest shareholder.
Mr. Crawford questioned a statement from Mr. Bostock in which he said the company was pleased that so many shareholders had supported its position.
“I would love to know who these shareholders are,” Mr. Crawford said. “It’s none of the ones that I talked to today. Everybody I talked to would have sold their stock at $34.”