Yahoo Sends Letter to Shareholders Over Microsoft Bid
529339
CEO Jerry Yang explains to shareholders why Yahoo rejected Microsoft's acquisition bid.
65190
Microsoft said&#160;its $44.6 billion offer to purchase Yahoo&#160;is &quot;fair&quot; and hinted that it may pursue a hostile takeover of the Internet company, according to a statement Microsoft made Monday in response to&#160;Yahoo&#39;s formal rejection of its buyout offer.In a statement, Microsoft said it&#39;s &quot;unfortunate&quot; that Yahoo &quot;has not embraced&quot; its proposal to combine the two companies, and the rejection of the offer &quot;does not change our belief in the strategic and financial merits of our proposal.&quot;The company also hinted that it may take the offer directly to Yahoo&#39;s shareholders, a move that could result in a hostile takeover.&quot;As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo&#39;s shareholders are provided with the opportunity to realize the value inherent in our proposal,&quot; Microsoft said in its statement.Earlier Monday, Yahoo formally rejected Microsoft&#39;s bid to acquire the company in a half-stock/half-cash purchase, saying it undervalued Yahoo.On Feb. 1, Microsoft offered to pay $31 per share for half of Yahoo&#39;s outstanding shares in cash -- about $22.3 billion -- and 0.9509 of a Microsoft share for the other half. Microsoft&#39;s half-cash/half-stock offer to Yahoo was valued at about $44.6 billion at the time it was made; Yahoo&#39;s share price was $19.18 at the time.However, since then Microsoft&#39;s stock has gone down while Yahoo&#39;s has risen, making the deal, under its current terms, worth less than when it was originally offered. This led to speculation that Yahoo might look for other suitors; the company is reportedly looking for about $40 per share. Yahoo&#39;s share price closed at $29.87 Monday; Microsoft&#39;s closed at $28.21.Some have speculated that Microsoft would raise its offer to the company to about $35 per share -- about midway between its original offer and Yahoo&#39;s target price -- but in its statement on Monday, the company seemed adamant about keeping the offer as it stands.&quot;We are offering shareholders superior value and the opportunity to participate in the upside of the combined company,&quot; Microsoft said. &quot;Based on conversations with stakeholders of both companies, we are confident that moving forward promptly to consummate a transaction is in the best interests of all parties.&quot;Microsoft&#39;s offer to purchase Yahoo is an attempt to join forces and improve both companies&#39; positions against Google in online advertising and services. However, many questioned both the logistical complexity and cultural differences involved in combining the companies, and there are fears that it will thwart rather than help their efforts to compete with Google.Yahoo is reportedly in talks with both AOL and Google to try to avoid being acquired by Microsoft. Analysts said Monday that Yahoo&#39;s initial rejection of the offer is more of an attempt to elicit a higher bid -- either from Microsoft or another company. If none comes, the company might decide in the future to accept Microsoft&#39;s offer as it stands, they said.
297353
Yahoo Inc's   second-biggest shareholder urged Microsoft Corp  to  raise its $42 billion bid for the Web pioneer and warned Yahoo  it has few options other than to accept, raising pressure for  them to seal a deal.
135980
Microsoft says its billion-dollar offer to purchase Yahoo is "fair" and suggested that it may pursue a hostile takeover of the Internet company.
539908
Redmond appears ready to appeal directly to Yahoo shareholders to sell their stock to Microsoft, even as Yahoo sets the table to make an acquisition more difficult.
394882
In a letter to Yahoo&#39;s board, Microsoft CEO Steve Ballmer&#160;offered to acquire the company&#160;for a per-share price of $31 in cash or 0.9509 of a share of Microsoft common stock -- a 62 percent premium above the Jan. 31, closing price of Yahoo -- and cited the broad range of ways in which the companies might work together to create a more effective competitor in the online marketplace. Below is the text of the letter that Microsoft sent to Yahoo&#39;s Board of Directors:
593615
Confirming that his company had indeed been in discussions with Yahoo's senior management about a possible takeover throughout the last 18 months, Microsoft CEO Steve Ballmer revealed this morning he has personally placed an offer to Yahoo's board of directors, proposing a takeover whose value it estimates at $44.6 billion.
303520
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.
549267
Whether Microsoft intends to take its case to Yahoo shareholders, and maybe raise its offer in so doing, remains well within the company's rights. Nonetheless, Bill Gates said, at the very least, that a price hike wasn't necessary.
551423
BOSTON/SEATTLE  - Yahoo Inc's   second-biggest investor urged Microsoft Corp  to raise  its $42 billion bid for the Web pioneer and warned Yahoo it has  few options left, raising the pressure on them to seal a deal.
193295
Microsoft Corp. offered to buy search engine operator Yahoo Inc. for $44.6 billion in cash and stock in a move to boost its competitive edge in the online services market.
566261
Software giant Microsoft urged Yahoo to accept its "generous" 44.6 billion dollar takeover offer, adding it hoped to get a quick response from the major Internet player.
665673
Microsoft Corp.  wants to  block an effort for a shareholder vote forcing the world's  largest software maker to explain its support for Internet  network neutrality, according to a company letter obtained by  Reuters on Tuesday.
320060
Most of Yahoo Inc's top institutional shareholders may be more interested in making sure Microsoft Corp does not overpay for the Web pioneer, because they have more money invested in the bigger software maker, a research report said on Friday.
600608
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.
93277
Jerry Yang explained his companyâs rejection of Microsoftâs buyout offer in a letter to shareholders late Wednesday outlining why he believed the bid was too low.
254571
Blog: Shareholder advisory firms urge shareholders to protest Yahoo CEO's $71 million salary package by voting against re-election of three board members.