Yahoo Rejected $40 Per Share From Microsoft In 2007

No wonder Yahoo didn't want this little tidbit coming unsealed in a lawsuit against Yahoo by the city of Detroit and its policemen & firefighters.

A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty (the "principal"): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty, and trust, and the word itself originally comes from the Latin fides, meaning faith, and fiducia.
-- -- Barron's revealed the unsealing of the complaint in Delaware, with the dynamite assertion that Yang, co-founder David Filo, and the Yahoo board actively worked against their fiduciary responsibilities. Then there's this item:

One other tidbit from the complaint: The plaintiffs assert that in January 2007 Microsoft offered to buy Yahoo for $40 a share, but that the proposal was rejected in a letter from then-CEO Terry Semel, who instead proposed "a commercial partnership arrangement."

Delaware Court of Chancery Judge William Chandler said in a terse

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