Microsoft to authorize Yahoo proxy battle: report
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Microsoft Corp  will  authorize a proxy battle for Yahoo Inc  this week to  convince the Web company's shareholders to agree on a takeover  deal that the Yahoo board so far has rejected, the New York  Times' Dealbook blog said on Tuesday.
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Microsoft Corp. is offering $44.6 billion in cash and stock for search engine operator Yahoo Inc. in a move to boost its competitive edge in the online services market
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SAN FRANCISCO/NEW YORK  - Microsoft Corp   made a bid to buy Yahoo Inc  for $44.6 billion, seeking  to join forces against Google Inc  in what would be the  biggest Internet deal since the Time Warner- AOL merger.
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Microsoft says its billion-dollar offer to purchase Yahoo is "fair" and suggested that it may pursue a hostile takeover of the Internet company.
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Yahoo Inc would consider a business alliance with Google Inc as one way to rebuff a $44.6 billion takeover proposal by Microsoft, a source familiar with Yahoo's strategy said on Sunday.
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Yahoo Inc's board believes Microsoft Corp's unsolicited bid of $44.6 billion to acquire Yahoo "massively undervalues" the company and directors are set to reject the offer, the Wall Street Journal reported on Saturday, citing an unnamed source.
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Yahoo Inc.'s board reportedly held a special meeting Friday to discuss how to handle the slumping Internet pioneer's first response to Microsoft Corp.'s week-old takeover bid, setting the stage for either a quick resolution or months of acrimonious wrangling.
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Microsoft Friday unveiled a bid of 44.6 billion dollars for Yahoo in an effort to merge the world's biggest software company with a major Internet player to take on the Google juggernaut.
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Microsoft Corp  will authorize  a proxy battle for Yahoo Inc  this week to convince the  Web company's shareholders to agree on a takeover deal that the  Yahoo board so far has rejected, the New York Times' DealBook  blog said on Tuesday.
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Google has made its first official comments on&#160;Microsoft&#39;s proposed acquisition of Yahoo&#160;saying that the deal raises &quot;troubling questions&quot; and that the underlying principles of the Internet stand to be tested by the proposed deal.The statement refers several times to Microsoft&#39;s past regulatory transgressions and indicates that Google could be preparing to fight the deal -- if it is accepted by Yahoo -- by pushing regulators to disallow it.&quot;Could Microsoft now attempt to exert the same sort of inappropriate and illegal influence over the Internet that it did with the PC?,&quot; asked David Drummond, senior vice president of corporate development and chief legal officer at Google in a statement posted on the corporate blog on Sunday.Drummond also asks if an acquisition could allow Microsoft to &quot;extend unfair practices from browsers and operating systems to the Internet?&quot; and to &quot; take advantage of a PC software monopoly to unfairly limit the ability of consumers to freely access competitors&#39; email, IM, and web-based services?&quot;A report late Sunday in the online edition of The Wall Street Journal said Google CEO Eric Schmidt called Yahoo CEO Jerry Yang on Friday to offer help to the rival in thwarting the bid. The newspaper, which quoted people familiar with the matter, didn&#39;t provide details of the telephone call.Google has something to fear from a combined Microsoft and Yahoo. The proposed deal, which was announced on Friday and has Microsoft offering $44.6 billion for Yahoo, would combine the number two and three search engines. The two companies are also leaders in the areas of Web mail and instant messaging so a merger would provide stronger competition for Google in those areas.But Google has a massive lead in search and the deal wouldn&#39;t necessarily lead to an improvement in search results, so Microsoft and Yahoo would still face a challenge to surpass Google&#39;s current dominance in this part of the market.The Google statement got a quick response from Microsoft, which said a combination of the two companies would benefit Internet users by establishing a stronger number two competitor to Google.&quot;The alternative scenarios only lead to less competition on the Internet,&quot; said Microsoft&#39;s top-lawyer, General Counsel Brad Smith, in a statement.&quot;Microsoft is committed to openness, innovation, and the protection of privacy on the Internet. We believe that the combination of Microsoft and Yahoo! will advance these goals,&quot; Smith said.A merged company would still only account for about 30 percent of the search queries run in the U.S. and about 10 percent in Europe, he said.
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AOL has held talks with Yahoo about a possible deal to fend off an approach from Microsoft, a report says.
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Yahoo&#39;s board of directors plans to reject&#160;Microsoft&#39;s unsolicited $44.6 billion takeover bid,&#160;The Wall Street Journal reported Saturday, citing as its source &quot;a person familiar with the situation.&quot;
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Microsoft said&#160;its $44.6 billion offer to purchase Yahoo&#160;is &quot;fair&quot; and hinted that it may pursue a hostile takeover of the Internet company, according to a statement Microsoft made Monday in response to&#160;Yahoo&#39;s formal rejection of its buyout offer.In a statement, Microsoft said it&#39;s &quot;unfortunate&quot; that Yahoo &quot;has not embraced&quot; its proposal to combine the two companies, and the rejection of the offer &quot;does not change our belief in the strategic and financial merits of our proposal.&quot;The company also hinted that it may take the offer directly to Yahoo&#39;s shareholders, a move that could result in a hostile takeover.&quot;As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo&#39;s shareholders are provided with the opportunity to realize the value inherent in our proposal,&quot; Microsoft said in its statement.Earlier Monday, Yahoo formally rejected Microsoft&#39;s bid to acquire the company in a half-stock/half-cash purchase, saying it undervalued Yahoo.On Feb. 1, Microsoft offered to pay $31 per share for half of Yahoo&#39;s outstanding shares in cash -- about $22.3 billion -- and 0.9509 of a Microsoft share for the other half. Microsoft&#39;s half-cash/half-stock offer to Yahoo was valued at about $44.6 billion at the time it was made; Yahoo&#39;s share price was $19.18 at the time.However, since then Microsoft&#39;s stock has gone down while Yahoo&#39;s has risen, making the deal, under its current terms, worth less than when it was originally offered. This led to speculation that Yahoo might look for other suitors; the company is reportedly looking for about $40 per share. Yahoo&#39;s share price closed at $29.87 Monday; Microsoft&#39;s closed at $28.21.Some have speculated that Microsoft would raise its offer to the company to about $35 per share -- about midway between its original offer and Yahoo&#39;s target price -- but in its statement on Monday, the company seemed adamant about keeping the offer as it stands.&quot;We are offering shareholders superior value and the opportunity to participate in the upside of the combined company,&quot; Microsoft said. &quot;Based on conversations with stakeholders of both companies, we are confident that moving forward promptly to consummate a transaction is in the best interests of all parties.&quot;Microsoft&#39;s offer to purchase Yahoo is an attempt to join forces and improve both companies&#39; positions against Google in online advertising and services. However, many questioned both the logistical complexity and cultural differences involved in combining the companies, and there are fears that it will thwart rather than help their efforts to compete with Google.Yahoo is reportedly in talks with both AOL and Google to try to avoid being acquired by Microsoft. Analysts said Monday that Yahoo&#39;s initial rejection of the offer is more of an attempt to elicit a higher bid -- either from Microsoft or another company. If none comes, the company might decide in the future to accept Microsoft&#39;s offer as it stands, they said.
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NEW YORK - Yahoo Inc. has agreed to extend its deal to place advertisements on Microsoft Corp.&#39;s MSN sites in the United States and overseas by one year through June 2006, Yahoo said Thursday.
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Yahoo&#39;s board of directors plans to reject&#160;Microsoft&#39;s unsolicited $44.6 billion takeover bid,&#160;The Wall Street Journal reported Saturday, citing as its source &quot;a person familiar with the situation.&quot;According to the report, the source said the Yahoo board has determined that the $31-per-share offer &quot;massively&#160;undervalues&quot; the online services company. In addition, Microsoft&#39;s buyout bid doesn&#39;t take into consideration the business risks that Yahoo would be taking if it entered into an agreement that in the end might not be approved by government regulators, the source told the Journal.According to the Journal, Yahoo&#39;s board intends to send Microsoft a letter on Monday, detailing its position.A Yahoo spokeswoman declined to comment on the report today. &quot;We are not providing details on the board&#39;s review process,&quot; she wrote. &quot;Yahoo&#39;s board is carefully and thoroughly evaluating the Microsoft proposal in the context of all of the company&#39;s strategic alternatives, and will pursue the best course of action to maximize long-term value for shareholders.&quot;Microsoft, which announced its offer for Yahoo on Feb. 1, couldn&#39;t be reached for comment today. The offer is a combined cash-and-stock deal; in announcing the bid, Microsoft said Yahoo shareholders could choose to receive either cash or Microsoft stock, although it added that the total consideration would be equally split between the two forms of payment.Yesterday, published reports said that Yahoo&#39;s board was meeting to discuss the offer.Yahoo is still evaluating other options,&#160;including a search advertising partnership with Google, according to today&#39;s report by the Journal. It also may still be open to a longer negotiation with Microsoft: The Journal said it was told by the source that Yahoo would be unlikely to consider any offers below $40 per share.If so, that would require Microsoft to raise its original offer by at least 29 percent, or about $13 billion. In other words, the cost for Microsoft to become a more credible rival to Google in the search and online advertising markets could start at about $57.6 billion.Google has been doing what it can to scuttle the Microsoft takeover bid, including playing the antitrust card by asking, in a blog post by one of its executives last Monday, whether Microsoft might &quot;attempt to exert the same sort of inappropriate and illegal influence over the Internet that it did with the PC?&quot;Microsoft quickly shot back, issuing a statement saying that a combination of it and Yahoo merger would &quot;create a more competitive marketplace.&quot;(Eric Lai contributed to this story.)Computerworld is an InfoWorld affiliate.
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Microsoft Corp. offered to buy search engine operator Yahoo Inc. for $44.6 billion in cash and stock in a move to boost its competitive edge in the online services market.
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Yahoo Inc's board met by telephone on  Friday and discussed strategy for getting Microsoft Corp to  raise its $42 billion offer for the company and the possibility  of hiring Google Inc to run Yahoo's search, the Wall Street  Journal said.