Yahoo!, a leading online portal, draws people to its network of Web sites with a mix of news, entertainment, and shopping, as well the revitalized Bing search engine (powered by Microsoft). The company also offers registered users personalized Web pages, e-mail, and message boards. Yahoo! publishes content in some 30 languages. It generates most of its revenue through advertising and online marketing sales, but it also charges fees for premium services to some 10 million users. Yahoo! offers broadband Internet access through partnerships with telecommunications firms. In 2008 Yahoo! rejected Microsoft’s unsolicited buyout offer.

Case description: Alleged breaches of fiduciary duty by the Yahoo! Board of Directors for (i) their failure to respond in good faith to Microsoft’s takeover proposal, and (ii) the adoption of company-wide change-of-control severance plans in response to the Microsoft offer.

Cypress acted as consultants to Police & Fire Retirement System of the City of Detroit and the General Retirement System of the City of Detroit regarding valuation, process and governance issues, and disclosure.  The case settled.