Yahoo rejects Microsoft bid

Yahoo has rejected a “take it or leave it’ bid from Microsoft that would have called for a massive restructuring of the Yahoo business model.

Yahoo has rejected a “take it or leave it’ bid from Microsoft that would have called for a massive restructuring of the Yahoo business model.

Yahoo received the proposal from Corporate raider Carl Icahn and Microsoft late on Friday.
The new proposal came two months after Microsoft withdrew their second offer to buy Yahoo after the two sides failed to reach an agreement earlier in the year.

Commenting on the offer, Yahoo chairman Roy Bostock described it as “odd and opportunistic” stating that “Microsoft and Carl Icahn has anything but the interests of Yahoo’s stockholders in mind.”

He added: “While this type of erratic and unpredictable behaviour is consistent with what we have come to expect from Microsoft, we will not be bludgeoned into a transaction that is not in the best interests of our stockholders.”

The deal called for Yahoo’s board to be immediately replaced by an Icahn-led board and the removal of top Yahoo executives- including chief executive Jerry Yang.

Despite the knock back, Icahn will continue to champion his bid to assume control of the Yahoo board and hope to convince shareholders to back him during the August 1 AGM.

Source: Australian IT



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