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read moreThe full skinny: all the text, of all the letters, between Icahn, Microsoft and Yahoo!
Davey Winder
Wednesday, 09 July 2008 04:08
Page 4 of 4
As Mr. Icahn notes in his statement today, it would be
premature to discuss at this time important details such as the price
or other terms of a possible transaction. We respect the right of
Yahoo's shareholders to determine the destiny of their company, and we
do not intend to engage in ongoing commentary on these issues in
advance of Yahoo's shareholder meeting.We have not changed our position, even as we continue to move forward with our own online search and advertising offerings. We therefore welcome interest by Mr. Icahn in pursuing this and other discussions.
While, of course, there can be no assurance of a future transaction, we will be prepared to enter into discussions immediately after Yahoo's shareholder meeting, if a new board is elected.
Yahoo!, it should come as no surprise, do not share the positions of either Icahn or Microsoft. Here's the full statement they issued in response to Icahn:
source
Yahoo!’s Board of Directors continues to stand ready to enter into negotiations with Microsoft Corporation for an acquisition of Yahoo!. Indeed, as recently as June, Yahoo!’s independent directors and management approached Steve Ballmer about just such a transaction, only to be told that Microsoft was no longer interested even in the price range which they had previously proposed. Now Mr. Ballmer and Mr. Icahn have teamed up in an apparent effort to force Yahoo! into selling to Microsoft its Search business at a price to be determined in a future “negotiation” between Mr. Icahn’s directors and Microsoft’s management. We feel very strongly that this would not lead to an outcome that would be in the best interests of Yahoo!’s stockholders. If Microsoft and Mr. Ballmer really want to purchase Yahoo!, we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it.
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