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RSS feedsMicrosoft has released a statement in which the firm discusses a letter sent to Carl Icahn, the billionaire investor at the heart of many of its discussions regarding the possible Yahoo takeover.
The statement sets the stage, explaining that the firm has held a number of meetings with Icahn, in which the parties have discussed a possible agreement. In the letter Microsoft explains that it cannot reach an agreement with the existing Yahoo board, but suggests that perhaps a new board would view its offer differently. The letter comes in the run up to a shareholder meeting at the targeted firm.
“We have never been able to reach an agreement in a timely way on acceptable terms with the current management and Board of Directors at Yahoo!. We have concluded that we cannot reach an agreement with them. We confirm, however, that after the shareholder election Microsoft would be interested in discussing with a new board a major transaction with Yahoo!, such as either a transaction to purchase the “Search” function with large financial guarantees or, in the alternative, purchasing the whole company.”
The letter explains that a partnership between the two firms would be beneficial to these stakeholders, and improve the services that they offer their customers.
“As we explained on June 12 when Yahoo! announced an agreement with Google,
we believe that our proposed search acquisition and partnership would have
delivered superior value to Yahoo!’s shareholders and the marketplace as a
whole…
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.”
See also:
Would Microsoft’s internet strategy be in such a mess if it had listened to IT Week five years ago? 03 Jul 2008
Adobe is offering new Flash Player tools that can help with search engine indexing 01 Jul 2008
Microsoft is hoping to counter the challenge from online services by offering companies a platform that melds the ubiquity and flexibility of the cloud with client-based performance 06 Jun 2008
Yahoo board running scared from disgruntled shareholders 23 May 2008
The software giant cannot afford to let its hapless courtship drag on much longer 22 May 2008All IT Management
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