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Technology Industry Read my lips: no new Yahoo bid, says Microsoft's Ballmer
Technology Industry Read my lips: no new Yahoo bid, says Microsoft's Ballmer | Read my lips: no new Yahoo bid, says Microsoft's Ballmer |
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| by Stephen Withers | |
| Thursday, 20 November 2008 | |
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Page 1 of 2       
In February 2008, Microsoft launched a $US44.6 billion takeover bid for Yahoo!. The offer of $US31 per share represented a 62 percent premium on the previous closing price. The bid failed to gain the support of the Yahoo! board, but associated machinations resulted in Carl Icahn joining the board after he threatened a proxy battle to elect a pro-takeover board. Eventually, Microsoft walked away from the deal, while leaving open the possibility of buying Yahoo!'s search business. In the succeeding months, the financial crisis hit and Yahoo's share price plunged spectacularly. Irate shareholders were understandably miffed that the Yahoo board walked away from what in retrospect was a very generous take-over offer from Microsoft. The stock closed at $US9.14 on November 19. Yang was one of the strongest opponents of the Microsoft proposal, so when he announced his decision to step down as CEO speculation was rife that Microsoft would made a fresh bid for Yahoo!. But exactly what did Ballmer have to say about that? See page 2. |
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