Today Microsoft announced that it has reached a “cooperation agreement” with ValueAct Capital, an investment company that had been a thorn in its side. It was said that ValueAct wanted a seat on Microsoft’s board.
Instead, Microsoft and ValueAct have come to a different agreement, in which the president of ValueAct – Mason Morfit – and Microsoft directors will meet to talk over issues relating to the company. Morfit will also be given a chance at joining the board, after the company’s annual shareholder meeting.
ValueAct owns 0.8% of Microsoft’s outstanding shares. It’s a hefty investment, one that is large enough for the investor to command the attention of the company’s board.
It was said following Microsoft CEO’s Steve Ballmer’s promise to step down within the next 12 months that ValueAct and its pressure on the company was key to his removal. It is not clear if that is the…
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