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Yahoo Agrees New Severance Plan

6:19 pm on Dec 11, 2008 (gmt 0)

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Yahoo Agrees New Severance Plan [seattletimes.nwsource.com]
Yahoo executives agreed to revise the Internet company's severance plan to settle investor lawsuits over their decision to rebuff buyout offers from Microsoft.

The changes will make it easier for potential suitors to buy Yahoo, according to papers filed Wednesday in Delaware state court.

Yahoo agreed to alter the severance terms to ward off a "costly and distracting legal process," and not in anticipation of any transaction, said spokesman Brad Williams.