Jul

14

Yahoo turns down Microsoft’s latest ‘take it or leave it’ offer

Filed Under Computers | Posted By Jennifer Sullivan |



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Yahoo said that they rejected the latest attempt by Microsoft Corp. to buy its Online search Operations.

Yahoo said the “take or leave it” offer by Redmond, Wash.-based Microsoft (NASDAQ: MSFT) would have dismantled its Internet franchise.

Yahoo said the offer, made in conjunction with dissident investor Carl Icahn, offered to buy the search engine and turn control of the rest to an Icahn-controlled board.

Yahoo also added that they were given less than 24 hours to respond to the offer.

Chairman Roy Bostock said, “It is ludicrous to think that our board could accept such a proposal. While this type of erratic and unpredictable behavior is consistent with what we have come to expect from Microsoft, we will not be bludgeoned into a transaction that is not in the best interests of our stockholders.”

In February Yahoo turned down Microsoft’s offer of $44.6 billion for the entire company, and a group of angry shareholders led by Icahn later proposed a slate of directors to replace those at Yahoo, and urged that CEO Jerry Yang be ousted.

The shareholders’ meeting to vote on the slate is scheduled for Aug. 1.



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