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Technology Industry Yahoo! rips into 'ludicrous, absurd' Microsoft/Icahn offer
Technology Industry Yahoo! rips into 'ludicrous, absurd' Microsoft/Icahn offer | Yahoo! rips into 'ludicrous, absurd' Microsoft/Icahn offer |
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| by Stephen Withers | |
| Monday, 14 July 2008 | |
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Yahoo! officials said the company declined, but repeated its previous offer to sell the whole company to Microsoft for $US33 per share, or to negotiate a better deal for a search-only acquisition. Neither was taken up by Microsoft, though Yahoo! still believes a whole-company acquisition could be negotiated and executed before Yahoo!'s August 1 annual meeting. "This odd and opportunistic alliance of Microsoft and Carl Icahn has anything but the interests of Yahoo!'s stockholders in mind," said Yahoo! chairman Roy Bostock. "Clearly, Microsoft, having failed to advance in search, is aligning with the short-term objectives of Mr Icahn to coerce Yahoo! into selling its core strategic search assets on terms that are highly advantageous to Microsoft, but disadvantageous to Yahoo! stockholders. Yahoo's Board of Directors will not allow that to happen." The idea that Yahoo! would within 24 hours agree to undergo a restructure, hand over its search business to Microsoft on terms that are less favourable than the existing arrangements with Google, and give control of the remainder of the company to Icahn was "ludicrous", he said. Icahn is also accused of an about face on the deal. Find out what he said on page 2 . |
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