The ongoing and bitter wrangle between software predator Microsoft Corp. and Internet prey Yahoo Inc. takes yet another twist today with Yahoo stringently rejecting a three-week deadline posed by Microsoft for the Internet giant to acquiesce to its $44.6 billion dollar takeover bid.
Yahoo resists being swallowed whole by Microsoft. Credit: Gnal/Flickr.
Openly dancing with the devil through the tone of its rejection, California-based Yahoo has made it clear that it will not bow to Microsoft’s current proposal but might be willing to do so should the number increase to a more representative level -- be that from Microsoft or any other interested party.
“We continue to believe that [Microsoft’s] proposal is not in the best interests of Yahoo and our stockholders,” outlined Yahoo chairman Roy Bostock and CEO Jerry Yang in a letter to Microsoft CEO Steve Ballmer.
“We are open to all alternatives that maximize stockholder value.” they added regarding the possibility of a sweetened offer. “To be clear, this includes a transaction with Microsoft if it represents a price that fully recognizes the value of Yahoo on a standalone basis.”
Yahoo’s stubborn steadfastness and view to an increased offer comes hot on the heels of Microsoft’s aggressive $44.6 billion ultimatum, which it issued this past weekend alongside the threat of a bloody shareholder proxy struggle once the three-week deadline has elapsed.
The wording of Microsoft’s latest takeover bid in this increasingly intense display of corporate peacocks saw Ballmer pointing an accusatory finger at Yahoo for failing to engage in serious negotiations following Microsoft’s opening offer on February 01. The Microsoft CEO also intimated that the current $44.6 billion offer would decrease if Yahoo failed to accept it within the designated timeframe.
“If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo board,” said Ballmer.
“If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal,” he added.
It is widely accepted that Microsoft’s aggressive eagerness to swallow Yahoo is based on its drive to haul in the online dominance presently enjoyed by Google Inc. in terms of Internet-based advertising.
There are currently no comments for this article. Be the first to comment!
Advertising
There are currently no comments for this article. Be the first to comment!