Institutional investors are putting the pressure on Yahoo management and the board of directors to complete a deal with Microsoft. Ivory Investment, which owns 1.5 percent of the search company, has sent a letter to the Yahoo board scolding it for acting unreasonably in previous negotiations and encouraging management to complete a deal with Microsoft. While management fought off Icahn temporarily, the patience of the big institutional investors is apparently wearing thin and this torturous and protracted maneuvering seems to be headed for completion, one way or the other. It appears the days of miscalculations by Yang and inaction by the board are near over.
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