More generous plan conceived in Feb. top thwart potential Microsoft bid
SAN FRANCISCO - In a sign its board may be fishing for a sale, Yahoo Inc. has overhauled an employee severance program so the required payments won't discourage potential suitors from trying to buy the Internet company.The concessions disclosed Wednesday in a regulatory filing were made to settle a shareholder lawsuit alleging Yahoo conceived the severance plan in February to thwart an unsolicited takeover bid by Microsoft Corp.
The plan promised generous cash and stock benefits to virtually all of Yahoo's nearly 14,000 employees if they were fired, took a pay cut or resigned after being involuntarily reassigned to another job within two years of a takeover.
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