Monday, February 11th 2008
Yahoo! Formally Rejects Microsoft Offer
Yahoo! Inc., a leading global Internet company, today said the Yahoo! Board of Directors has carefully reviewed Microsoft's unsolicited proposal with Yahoo!'s management team and financial and legal advisors and has unanimously concluded that the proposal is not in the best interests of Yahoo! and our stockholders.
After careful evaluation, the Board believes that Microsoft's proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments. The Board of Directors is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders.
Goldman, Sachs & Co., Lehman Brothers and Moelis & Company are acting as financial advisors to Yahoo!. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Yahoo!, and Munger Tolles & Olson LLP is acting as counsel to the outside directors of Yahoo!.
Source:
Yahoo!
After careful evaluation, the Board believes that Microsoft's proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments. The Board of Directors is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders.
Goldman, Sachs & Co., Lehman Brothers and Moelis & Company are acting as financial advisors to Yahoo!. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Yahoo!, and Munger Tolles & Olson LLP is acting as counsel to the outside directors of Yahoo!.
12 Comments on Yahoo! Formally Rejects Microsoft Offer
Because Yahoo's stocks went up a dollar or two on the news of a potential Microsoft takeover. Now with this News Yahoos stock may very well go back down to where it was or worse. Good going Yahoo:shadedshu:shadedshu This was an unprecedented offer on Microsoft's part and you gave them the cold shoulder shame on you:shadedshu:shadedshu
Yahoo stock has so far gone up and Microsoft stock is down for the day.
The main reason for this is bc Yahoo is showing strength to investors by doing this.
Of course, this has the opposite impact on Microsoft.
Now if Yahoo gets another offer it is only going to make Yahoo shoot up even more
I think that we can only expect more of this to happen the following day AKA tomorrow.
finance.yahoo.com/q?s=YHOO