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Monday, 28 April 2008 07:54

Yahcrosoft/Microhoo at a stalemate

Written by David Stellmack

ImageImage

Weekend deadline passes for deal deadline

As we reported earlier, Microsoft’s had given Yahoo’s Board of Directors until Saturday at midnight to agree to the terms of a proposed buyout by Microsoft.  That deadline apparently came and went with no progress. 

Now it is up to Microsoft to determine whether to attempt a hostile takeover by proposing its own Director candidates and getting rid of the current Yahoo Board, or to just drop the acquisition deal that it has proposed to Yahoo.

Microsoft’s proposed bid to Yahoo on February 1st was valued at $44.6 billion, a price that Microsoft executives claim is a fair price.  Of course they do -- Microsoft would gain substantial ground by its acquisition of Yahoo against Google, Inc., which is a position Microsoft would love to be in. Yahoo’s Board voted to turn down the bid and began seeking alternatives, such as merging with others, including AOL, Google, Disney and News Corp.

If Microsoft decides to attempt an unfriendly takeover of Yahoo it would lengthen the acquisition itself, cost Microsoft millions and millions in legal fees and create such an unpleasant environment among Yahoo stockholders that they might just hold onto their stock to drive the per share price up to teach Microsoft an expensive lesson. Yahoo employees would also likely not behave in a particularly cooperative manner under a hostile takeover and would be ripe for the picking by Google and other competitors.

The ball is clearly in Microsoft’s court and it will be interesting to see whether it takes its toys and goes home, or whether it will try for someone else’s toys, as well.

Last modified on Monday, 28 April 2008 18:40

David Stellmack

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