After Rejection by Yahoo, Microsoft Hints at a Fight
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Hours after Yahoo officially rejected Microsoftâs takeover bid, calling it too low, Microsoft called Yahooâs response âunfortunateâ and said its proposal was âfull and fair.â
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Microsoft will wage a proxy fight to oust Yahooâs directors, people briefed on the matter told DealBook.
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Yahooâs rebuff of the $44.6 billion takeover bid raises the stakes in a battle involving two of the worldâs most prominent technology companies.
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Yahoo has not reached a decision about&#160;Microsoft&#39;s acquisition offer&#160;and is considering &quot;a wide range of potential strategic alternatives,&quot; Yahoo CEO Jerry Yang said in an e-mail to employees on Wednesday.In the e-mail, which was addressed to &quot;yahoos&quot; and filed with the U.S. Securities and Exchange Commission, Yang said the Yahoo board is still reviewing the deal and will &quot;take the time it needs to do it right.&quot;&quot;Our board is thoughtfully evaluating a wide range of potential strategic alternatives in what is a complex and evolving landscape,&quot; he wrote in the e-mail, typed in all lowercase letters.Microsoft made its unsolicited bid for Yahoo last Friday, offering to pay $44.6 billion for the company, or 62 percent over Yahoo&#39;s closing share price Thursday. The deal would greatly expand Microsoft&#39;s search and advertising business and could help it to compete better with Google online.Yahoo is understood to be lukewarm on the offer. The company hopes a rival suitor will emerge with a counteroffer or that it can forge a deal with Google that will allow it to remain independent, according to Wednesday&#39;s Wall Street Journal newspaper, which cited unnamed sources.However, analysts have said it is unlikely another company could match Microsoft&#39;s sizeable offer, and a business deal between Yahoo and Google could raise antitrust concerns because of Google&#39;s already dominant market position.In the e-mail, Yang thanked the Yahoo staff for staying focused on their work amid the turmoil. The company has hired &quot;top advisors&quot; to assist it through the process and is focused on maximizing value for its shareholders, he said.
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Microsoft Corp will authorize a  proxy battle for Yahoo Inc this week to convince the Web  company's shareholders to agree on a takeover deal that the  Yahoo board so far has rejected, the New York Times' Dealbook  blog said on Tuesday.
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Microsoft may end up having to raise the amount it is willing to pay for Yahoo if the software company's stock continues to drop while Yahoo's continues to rise.
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Now that Microsoft has said it wonât raise its bid for Yahoo and is moving to take the matter to shareholders, it is time for Yahoo to say what it plans to do next.
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The Microsft-Yahoo battle continued Monday with some unexpected twists. Microsoft indicated it will keep fighting even as Yahoo's board raised the price and reports suggested Yahoo is trying to restart merger talks with AOL.
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Microsoft bid may be catalyst for needed change at Yahoo, but Yang and company are expected to fight it, insiders say.
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Yahoo&#39;s rejection of Microsoft&#39;s acquisition bid&#160;is likely a negotiating strategy to elicit a higher offer and shouldn&#39;t be seen as an attempt to resist a deal at all costs, according to analysts.
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Yahoo chief executive Jerry Yang sent a message to employees on Wednesday, assuring them the firm's leaders are exploring ways to avoid a takeover by software giant Microsoft.
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Privacy groups are promising a fight before U.S. regulatory agencies if&#160;Microsoft&#39;s offer to buy Yahoo&#160;for $44.6 billion is accepted, and the deal could face significant hurdles in Europe as well.
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Microsoft Corp  will authorize  a proxy battle for Yahoo Inc  this week to convince the  Web company's shareholders to agree on a takeover deal that the  Yahoo board so far has rejected, the New York Times' DealBook  blog said on Tuesday.
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Analysis: The pairing gives Microsoft a needed outlet, but the outcome could quash Yahoo.
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Yahoo Inc rejected Microsoft  Corp's unsolicited $41.6 billion takeover offer as too low on  Monday, forcing the software maker to either sweeten the bid or  adopt a hostile approach to clinch a deal.
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NEW YORK/SEATTLE  - Yahoo Inc  on Monday  rejected Microsoft Corp's  unsolicited $41.5 billion  takeover offer as too low, forcing the software maker to either  sweeten its bid or adopt a hostile approach to clinch a deal.
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By rejecting Microsoftâs initial foray in February 2007, Yahooâs denial of Microsoftâs interest may have only whet Microsoftâs appetite.