Professor Michael Klausner is quoted in MarketWatch about a possible proxy battle between Microsoft and Yahoo:

Michael Klausner, a Stanford Law professor and an expert on corporate governance, said a proxy battle between Microsoft and Yahoo may not be as dramatic, but it could be just as expensive and bitter.

"If there is a proxy fight, it will be expensive," he said. "There will be less family drama than in the H-P-Compaq merger, but there may be significant opposition."

He added: "The fact that Microsoft and Yahoo have not reached an agreement by now suggests that the odds of a proxy fight are greater than they were a month or so ago. But a proxy fight would be unattractive to both sides, so an agreement remains a significant possibility."