Microsoft (MSFT -11.2%) board members are in talks with activist investor ValueAct over the...

Microsoft (MSFT -11.2%) board members are in talks with activist investor ValueAct over the firm's demand for a board seat, Reuters reports. Sources say Microsoft's lack of CEO succession planning is a prominent issue in the discussions. Steve Ballmer, who has plenty of critics, has previously suggested he'll leave in the 2017-2018 timeframe. Nomura argued earlier today Microsoft's poorly-received FQ4 results and FQ1 guidance could lead to an activist push. ValueAct owned just 0.4% of Microsoft at the end of Q1, but its stake is believed to have risen since. Shares +0.6% AH. (more on Microsoft)