ARN

Yahoo again rebuffs Microsoft in letter

Yahoo called Microsoft's threat of a hostile takeover "counterproductive" on Monday, while also saying it is open to a deal but only at a higher offer.

Yahoo called Microsoft's threat of a hostile takeover "counterproductive" on Monday, while also saying it is open to a deal but only at a higher price.

In a letter addressed to Microsoft CEO Steve Ballmer, Yahoo's CEO Jerry Yang and Chairman Roy Bostock said Microsoft has mischaracterized the negotiations since the initial offer was made, and that the two companies have had "constructive conversations."

"We consider your threat to commence an unsolicited offer and proxy contest to displace our independent board members to be counterproductive and inconsistent with your stated objective of a friendly transaction," the letter said.

Yahoo said Microsoft's falling stock price has devalued the value of the proposal. Microsoft offered Yahoo a cash-and-stock deal worth $44.6 billion.

Yahoo also said Microsoft has not responded to requests for more information on antitrust issues since a deal would be subject to regulators.

"To date, you have still not provided any of the requested information," the letter said.

Yahoo's response comes two days after Microsoft sent an open letter giving the company three weeks to agree on a deal. If one isn't reached, Microsoft said it will take its offer to Yahoo's shareholders in order to oust the company's board.

If that happens, Microsoft said it would also lower its offer.

Microsoft's claims that Yahoo has refused negotiate are wrong, Yahoo said, while taking a jab at Ballmer.

"Steve, you personally attended two of these meetings and could have advanced discussions in any way you saw fit," the letter said.

Yahoo also wrote that it had released a three-year financial and strategic plan and maintained it could meet its forecasts.

The company also noted its announcement on Monday of a new advertising management platform called AMP. The Web-based platform is designed to make it easier for publishers to manage and sell ad space on their Web sites.

"We have continued to launch new products and to take actions which leverage our scale," the company said.

Come socialise with us! Facebook | LinkedIn

More about: AMP, Billion, Microsoft, Yahoo

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Whitepapers
Latest Stories
Community Comments
ARN Directory | Distributors relevant to this article
ASI Solutions , Bluechip Infotech , Compucon Computers , Dicker Data , Express Data , Express Online , Impact Systems Technology , Ingram Micro Australia , Leader Computers , Leading Pacific Australia , NewLease , Simms International (For Simms International please see Express Online) , Synnex Australia , Topstar Computer International , Westan , XiT Distribution , Xpress I.T.
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/synnex/425_lenovo-february-and-march-hot-deal-3
Synnex

Lenovo February and March Hot Deal 3

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.