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April 5, 2008

Ballmer gives Yahoo a three week ultimatum

Posted by David Hunter at 9:17 PM ET.

Frankly, I’ve mostly been ignoring the Microsoft-Yahoo acquisition soap opera since the daily doings have been at best tedious, repetitive, and inconclusive. Today, however, Microsoft finally took the velvet glove off the steel fist with a letter to the Yahoo board from Steve Ballmer. The net is that unless the Yahoo board starts to seriously negotiate the details of the acquisition and an agreement is concluded within three weeks, Microsoft will cut the amount of the financial offer and wage a proxy fight to replace the board and carry out the acquisition. I still think the deal is a really bad idea, but the lack of any apparent alternative for Yahoo means there is no stopping it.



Filed under Acquisitions, Coopetition, Executives, Microsoft, Steve Ballmer, Yahoo

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2 Responses to “Ballmer gives Yahoo a three week ultimatum”

  1. Yahoo response: No so fast, Slick! | Microsoft News Tracker Says:

    [...] Yahoo today provided a measured response to Steve Ballmer’s Saturday ultimatum. Leaving aside the rebuttal of some of Ballmer’s assertions in his letter to Yahoo’s board of directors, here’s the gist: Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo!, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders.…In conclusion, please allow us to restate our position, so there can be no confusion. We are open to all alternatives that maximize stockholder value. 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 and to Microsoft, is superior to our other alternatives, and provides certainty of value and certainty of closing. Lastly, we are steadfast in our commitment to choosing a path that maximizes stockholder value and we will not allow you or anyone else to acquire the company for anything less than its full value. [...]

  2. Microsoft deadline passes with no Yahoo response | Microsoft News Tracker Says:

    [...] Steve Ballmer’s three week ultimatum to Yahoo’s board of directors to accept the Microsoft acquisition offer passed yesterday with no comment from Yahoo or specific action from Microsoft to carry out the threatened reduction of the offer amount and proxy fight. The next episode in this soap opera is expected early next week and predictions range from Microsoft withdrawing their offer to a full out hammer and tongs proxy battle. The most telling commentary however is likely the desire of Yahoo employees to take the money and Microsoft employees to forget about the whole thing.   Filed under Acquisitions, Coopetition, General Business, Employee Retention, Yahoo, Microsoft   [Permalink] [TrackBack] [...]

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