Channelnewsasia.com
Tuesday, December 02, 2008
   
 
  blogs  
 
yournews
   
Mumbai Attacks
Video Finance Features Weather Travel Discussion TV Shows
CNA Live    | About Us 
 
  Home ›
 
Business News

 
 

Report says Yahoo still open to a takeover offer from Microsoft
Posted: 06 May 2008 1426 hrs

 
 
Photos  of

   
 
Related News
Yahoo shares dive after Microsoft abandons bid
US stocks slump as Microsoft gives up Yahoo bid
Google wins from end of Microsoft-Yahoo affair, say analysts
Yahoo dismisses Microsoft's aborted bid as a 'distraction'
Microsoft withdraws proposal to acquire Yahoo

LONDON: Yahoo's Chief Executive Officer Jerry Yang defended his handling of failed takeover negotiations with Microsoft and said he remains open to an offer from the US software giant, in an interview published Tuesday in the Financial Times.

Yang told the paper he was willing to negotiate but Microsoft pulled its bid for Yahoo after talk turned to raising it above 33 US dollars per share.

Microsoft CEO Steve Ballmer said Yang refused to accept less than 37 US dollars per share, a five-billion-US-dollar bump in purchase price.

"We did not say it was a take-it-or-leave-it number in the sense that we would never negotiate any more," Yang told the Financial Times.

"We were totally willing to do a transaction, and they walked away."

Yahoo stockholders will be furious and litigious, putting tremendous pressure on the firm to quickly come up with an impressive business plan or go crawling back to Microsoft, analysts believe.

Yahoo shareholders are expected to take Yahoo executives to task during an annual meeting July 3.

The ten members of Yahoo's board of directors are up for re-election and ousting the panel is one way shareholders can express furore about not accepting a Microsoft offer that totalled nearly 50 billion US dollars.

When asked what he would do if Microsoft showed renewed interest in taking over Yahoo, Yang said, "We're always open to all alternatives."

"We've put out a way of having them buy Yahoo, give them a path to do that," he continued. "If that's what they want to do, we would be open to a conversation."

Microsoft was eager to combine Internet resources with Yahoo to better battle Google, which dominates an online search and advertising market expected to double to 80 billion US dollars by 2011. - AFP/ac

 

 



Other business News
Official panel says US in recession since December 2007
US manufacturing hits 26-year low
UN calls for 'massive' economic stimulus to temper global crisis
German bank BayernLB unveils 5,600 job cuts, mainly in Asia
US Citigroup to buy Sacyr's Itinere highway operator
Ford mulls sale of Sweden-based Volvo Car
Asian stocks mostly down ahead of key US data, rate decisions
Investors expected to be more cautious following Mumbai terror attacks
Survey of Chinese firms signals gloomy economic outlook
Malaysian economy expected to grow 5.5% in 2008
Bank of Japan to announce new credit steps
SKorean automakers cut production amid slow sales
Markets look to central banks for relief
Citigroup Philippines to grow workforce despite global job cuts
OPEC to slash December output
Oil down in Asia as OPEC maintains output quota
South Korean exports fall sharply as global recession bites
Russia's Gazprom warns Ukraine to clear gas debts
Chastened Big Three US automakers to present recovery plan

 


Advertisements

 
Affiliate Sites:
 
About Us  |  Contact Us  |  Advertise with Us  |  Terms & Conditions