Yahoo! chairman Roy Bostock presses Microsoft to up bid
Posted in: Miscellaneous at 08/04/2008 14:31
Yahoo! said today it was willing to enter into advanced negotiations with Microsoft about a potential takeover, if the software giant was prepared to up the value of its bid for the search engine.
The disclosure came in an open letter from Yahoo!'s chairman Roy Bostock, in response to threats from Microsoft that it would launch a hostile bid in the next three weeks - possibly at a lower price than the originally mooted cash and shares deal that valued Yahoo! at $31 a share, equivalent to $45 billion (£22.6 billion).
Yahoo Rejects Microsoft Bid Again
Yahoo on Monday reiterated its rejection of a takeover offer from Microsoft, again calling it too low.
The company was responding to a letter from Microsoft that threatened to lower the price of its buyout offer and take it directly to Yahoo shareholders.
Although Microsoft's offer was initially valued at $31 a share, a drop in the price of Microsoft shares has reduced the offer to just more than $29 a share.