Yahoo reply to Microsoft ultimatum
Dear Steve,
Our council carefully considered all your proposals and unanimously concluded that the deal was not in the interests of Yahoo and our shareholders, and rejected it publicly on February 11, 2008, as well as your last letter.
We are still not against the deal with Microsoft, if it is in the interests of our shareholders. Our position is simply that any transaction should be on the amount that fully reflects the global value of Yahoo, including any strategic advantages of Microsoft, and on conditions that ensure the confidence of our shareholders in the future development of the company.
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We continue to launch new services, develop our technologies and platforms. Today, we announced the launch of AMP Yahoo's new advertising management platform, which greatly simplifies the process of buying and selling advertisements.
Finally, our council is actively and promptly exploring alternative ways to maximize the value of stocks, and this process continues.
As you know, we recently reaffirmed our Q1 financial rating and approved management for the next year, which is evidence of our ability to act in accordance with our expectations, despite the current economic conditions.
In addition, our three-year financial and strategic plan, which we have publicized, demonstrates significant growth potential in financial markets. This plan has received positive reviews from our shareholders, and positive expert opinions that the value of Yahoo as a separate company will be higher than the value proposed in your proposal.
Your own statements have made clear the strategic importance of Yahoo.
We regret to say that your letter violated the private nature of our conversation with you. We held constructive negotiations, discussing various topics together, including integration and legal issues.
Your comment that we refused to enter into negotiations with a view to concluding an agreement is particularly interesting, since we have already rejected your initial offer of $ 31 per share, considering that you significantly underestimated Yahoo. In addition, Steve, you personally participated in these two meetings and could have a more expanded outlook on this discussion.
As for antitrust legislation, we discussed this issue with you. Any transaction between us is possible only after a thorough review of regulatory documents in several jurisdictions. Following the recent meeting between our legal advisers, we had an agreement to provide reports on your request to you from March 28 with the provision of additional information, you still have not provided any response from the requested information.
We will consider your threat of ousting our independent members from the Board of Directors and are confident that this statement is counter-productive and incompatible with the stated goal of a friendly takeover. We are confident that our shareholders understand this, and our independent council is best able to objectively and objectively evaluate everything.
In conclusion, please allow us to confirm our position so that there is no confusion. We are open to all alternatives that will ensure the maximum value of our company's shares, including deals for Microsoft, if we fully recognize the value and autonomy of Yahoo and surpass other alternative offers.
Finally, we are confident in our right to choose the way in which the value of the company's shares will increase, and we will not allow you or anyone else to reduce its full value before acquiring the company.
Respectfully,
Roy Bostock, Chairman of the Board
Jerry Yang, Executive Director
Author's translation Social Trend via News.com
Our council carefully considered all your proposals and unanimously concluded that the deal was not in the interests of Yahoo and our shareholders, and rejected it publicly on February 11, 2008, as well as your last letter.
We are still not against the deal with Microsoft, if it is in the interests of our shareholders. Our position is simply that any transaction should be on the amount that fully reflects the global value of Yahoo, including any strategic advantages of Microsoft, and on conditions that ensure the confidence of our shareholders in the future development of the company.
')
We continue to launch new services, develop our technologies and platforms. Today, we announced the launch of AMP Yahoo's new advertising management platform, which greatly simplifies the process of buying and selling advertisements.
Finally, our council is actively and promptly exploring alternative ways to maximize the value of stocks, and this process continues.
As you know, we recently reaffirmed our Q1 financial rating and approved management for the next year, which is evidence of our ability to act in accordance with our expectations, despite the current economic conditions.
In addition, our three-year financial and strategic plan, which we have publicized, demonstrates significant growth potential in financial markets. This plan has received positive reviews from our shareholders, and positive expert opinions that the value of Yahoo as a separate company will be higher than the value proposed in your proposal.
Your own statements have made clear the strategic importance of Yahoo.
We regret to say that your letter violated the private nature of our conversation with you. We held constructive negotiations, discussing various topics together, including integration and legal issues.
Your comment that we refused to enter into negotiations with a view to concluding an agreement is particularly interesting, since we have already rejected your initial offer of $ 31 per share, considering that you significantly underestimated Yahoo. In addition, Steve, you personally participated in these two meetings and could have a more expanded outlook on this discussion.
As for antitrust legislation, we discussed this issue with you. Any transaction between us is possible only after a thorough review of regulatory documents in several jurisdictions. Following the recent meeting between our legal advisers, we had an agreement to provide reports on your request to you from March 28 with the provision of additional information, you still have not provided any response from the requested information.
We will consider your threat of ousting our independent members from the Board of Directors and are confident that this statement is counter-productive and incompatible with the stated goal of a friendly takeover. We are confident that our shareholders understand this, and our independent council is best able to objectively and objectively evaluate everything.
In conclusion, please allow us to confirm our position so that there is no confusion. We are open to all alternatives that will ensure the maximum value of our company's shares, including deals for Microsoft, if we fully recognize the value and autonomy of Yahoo and surpass other alternative offers.
Finally, we are confident in our right to choose the way in which the value of the company's shares will increase, and we will not allow you or anyone else to reduce its full value before acquiring the company.
Respectfully,
Roy Bostock, Chairman of the Board
Jerry Yang, Executive Director
Author's translation Social Trend via News.com
Source: https://habr.com/ru/post/23094/
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