Monday, July 7th 2008
Microsoft Would Reopen Yahoo Talks with New Yahoo Board
Microsoft said on Monday that it was willing to reopen talks on a "major transaction" with Yahoo if the Internet giant replaces its board of directors. Microsoft confirmed comments from corporate raider Carl Icahn about talks that could lead to a new takeover bid if Yahoo replaces its board of directors next month.
"We confirm ... that after the shareholder election Microsoft would be interested in discussing with a new board a major transaction with Yahoo, such as either a transaction to purchase the 'Search' function with large financial guarantees or, in the alternative, purchasing the whole company," Microsoft said in a statement. The software giant said "it would be premature to discuss at this time important details such as the price or other terms of a possible transaction." They added: "We respect the right of Yahoo's shareholders to determine the destiny of their company, and we do not intend to engage in ongoing commentary on these issues in advance of Yahoo's shareholder meeting."
Some reports said Yahoo is seeking other alliances to fend of a bid from Microsoft, including a tie-up with AOL, a unit of Time Warner.
"We confirm ... that after the shareholder election Microsoft would be interested in discussing with a new board a major transaction with Yahoo, such as either a transaction to purchase the 'Search' function with large financial guarantees or, in the alternative, purchasing the whole company," Microsoft said in a statement. The software giant said "it would be premature to discuss at this time important details such as the price or other terms of a possible transaction." They added: "We respect the right of Yahoo's shareholders to determine the destiny of their company, and we do not intend to engage in ongoing commentary on these issues in advance of Yahoo's shareholder meeting."
Some reports said Yahoo is seeking other alliances to fend of a bid from Microsoft, including a tie-up with AOL, a unit of Time Warner.