D
Digger
Guest
Looks like it might be time to close my Yahoo account.
http://www.msnbc.msn.com/id/22947626/
REDMOND, Wash. - Microsoft has pounced on slumping Internet icon Yahoo with an unsolicited takeover offer of $44.6 billion, seeking to join forces against Google in what would be the biggest Internet deal since the Time Warner-AOL merger in 2001.
The surprise offer of $31 per share, made late Thursday and announced Friday, seizes on Yahoo’s weakness while Microsoft tries to muscle up in a high-stakes battle with Google likely to define the technology landscape for years to come.
(Msnbc.com is a joint venture of Microsoft and NBC Universal.)
Yahoo repeatedly has rebuffed Microsoft's advances in the past but in a statement Friday the company said it will “carefully and promptly” study the bid. The Justice Department also said it would be interested in reviewing the antitrust implications of the offer, and analysts expect other enforcement agencies to follow suit.
With its profits steadily sliding, Yahoo’s stock slipped to a four-year low this week, and a new management team has been trying to steer a turnaround but sees more turbulence through 2008. Yahoo Chairman Terry Semel, who had rejected an earlier bid from Microsoft, resigned from the company's board Thursday.
Yahoo co-founder Jerry Yang, still one of the company's biggest shareholders, took over as chief executive last year after Semel was forced to step aside. Former advertising executive Roy Bostock, who has been on Yahoo's board since 2003, was named chairman Thursday.
The announcement of the Microsoft bid lifted Yahoo’s share price by almost 50 percent in Friday trading, while Google fell almost 8 percent, dragged down by a fourth-quarter earnings report that missed Wall Street expectations.
The surprise offer of $31 per share, made late Thursday and announced Friday, seizes on Yahoo’s weakness while Microsoft tries to muscle up in a high-stakes battle with Google likely to define the technology landscape for years to come.
(Msnbc.com is a joint venture of Microsoft and NBC Universal.)
Yahoo repeatedly has rebuffed Microsoft's advances in the past but in a statement Friday the company said it will “carefully and promptly” study the bid. The Justice Department also said it would be interested in reviewing the antitrust implications of the offer, and analysts expect other enforcement agencies to follow suit.
With its profits steadily sliding, Yahoo’s stock slipped to a four-year low this week, and a new management team has been trying to steer a turnaround but sees more turbulence through 2008. Yahoo Chairman Terry Semel, who had rejected an earlier bid from Microsoft, resigned from the company's board Thursday.
Yahoo co-founder Jerry Yang, still one of the company's biggest shareholders, took over as chief executive last year after Semel was forced to step aside. Former advertising executive Roy Bostock, who has been on Yahoo's board since 2003, was named chairman Thursday.
The announcement of the Microsoft bid lifted Yahoo’s share price by almost 50 percent in Friday trading, while Google fell almost 8 percent, dragged down by a fourth-quarter earnings report that missed Wall Street expectations.
http://www.msnbc.msn.com/id/22947626/