Yahoo! board rejects Microsoft’s bid, saying its too little. February 12, 2008Posted by stvchang in business, Microsoft, tech news, yahoo.
add a comment
Well, that was fast. Shortly after Microsoft announced a USD 44.6billion offer for Yahoo! to the Yahoo! board, Yahoo! have officially announced that they are not interested in the deal, citing that the offer was too low for Yahoo!’s potential.
In the press release, “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.”, it adds.
Microsoft have since then said that they are still very keen on pursuing this merger/buy-out. Lets see how this unfolds.