Well, the bickering in tech-land continues, Microsoft is after Yahoo again. On Friday, Microsoft renewed its bit to buy the internet giant search engine while adding an unwelcomed new wants turning over the rest of the company to a new board controlled by Carl Icahn. And a ¡®take it or leave it¡¯ bit with a 24 hour time limit, Microsoft went after Yahoo¡¯s search division only to be shot down with fighting words from Yahoo, Yahoo¡¯s chairman Roy Bostock issued a statement over the weekend, calling it, (quote) ¡®ludicrous¡¯ , to think that Yahoo would accept Microsoft, (quote) ¡®erratic and unpredictable behavior¡¯. Knocking down the bit saying it is not in the best interests of Yahoo shareholders.
Yahoo listed the factors for its decision.
First, it¡¯s commercial agreement was Google, saying that provides superior financial value and less risk than the Microsoft Icahn proposals.
Secondly, the Microsoft Icahn proposal would block a potential sale of all of Yahoo for a full and fair price.
Third, the majority of Yahoo would be overseen by Icahn * board members which has virtually no working knowledge of Yahoo¡¯s business.
And finally, Yahoo believes the ousting of its board would destabilize the company for up to due year it will take, to gain regulatory approval for the deal.
But also included in its response, Yahoo reiterated its willingness to tell the entire company for Microsoft¡¯s elevated 33 dollars share or 47 and a half billion dollar offer, which was pulled from the table back in May. But Microsoft did not buy it. Back in May also, Microsoft offered Yahoo 1 billion dollars for its search division and said it would spend 8 billion dollars for a 16% stake in Yahoo¡¯s remaining operations. As for the latest staffer, Yahoo said it contained a number of improvements but still was not good enough. Yahoo holds its annual shareholder meeting on August 1st, and will see then if Icahn gets his way when it comes to board¡¯s seats.
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