微软放弃收购，yahoo的股东不愿意了

henry

Yahoo Holders Turn Up Heat  
After Microsoft Deal Talks FailBy KEVIN J. DELANEY
May 6, 2008; Page B1

SAN FRANCISCO -- YahooInc. Chief Executive Jerry Yang Monday had to tangle with some bigshareholders who were displeased that he didn't reach a deal to sellhis company to Microsoft Corp. at a sweetened price.
"I'm extremely disappointed in Jerry Yang," saidGordon Crawford, a portfolio manager at Capital Research GlobalInvestors, which owns over 6% of Yahoo's shares. "I think he overplayeda weak hand. And I'm even more disappointed in the independentdirectors who were not responsive to the needs of independentshareholders."

At issue was Yahoo's stance in negotiations withMicrosoft Saturday that the company was worth $37 per share, whileMicrosoft said it was prepared to offer $33. Some of Yahoo's majorshareholders had by late last week signaled to Yahoo that they wereopen to a deal around $33 or $34 per share, according to peoplefamiliar with the matter.
"It's evident that most shareholders would have beenperfectly happy with a transaction in the $34 range," said Mr. Crawfordof Capital Research Global Investors, a division of Capital Research& Management Co. The parent concern in total owned over 16% ofYahoo's shares according to the latest available regulatory filings,making it Yahoo's largest shareholder.
With Microsoft's withdrawal of its offer Saturday, anda sharp slide in Yahoo shares Monday, some investors are asking whyYahoo didn't work harder to bridge the price gap with Microsoft. Anyinvestor dissatisfaction could potentially feed into calls to unseatYahoo's board at its next annual meeting or efforts to press Yahoo'sdirectors to go back to Microsoft to try to strike a deal. Yahoo lateMonday announced it would hold its annual shareholder meeting on July3, setting a May 15 deadline to receive any new nominations for Yahoodirectors.
A manager at another major shareholder said the firmwas "comfortable with Microsoft's price," and had communicated to Yahoolast week that it would accept a deal in the approximate range of $33or $34 per share.
A manager at a third major Yahoo shareholder said someinvestors were pressing Yahoo to "reopen the dialogue" with Microsoftabout possible deals. "The shareholders are pretty irate," the managersaid.
Yahoo's Mr. Yang and the company's chairman Mondaydefended Yahoo's actions. "Listening to shareholders is very importantbut you'll get lots of points of view," said Yahoo Chairman Roy Bostockin a joint interview with Mr. Yang Monday. "In the final analysis theindependent directors of the board had to make a determination of whatour position would be when we put the first price on the table," headded, saying that Yahoo's board had not named any price beforeSaturday.
"We said, considering all of these hard data, what weshould do is say we think a fair value for the company is $37. It wasnot a take-it-or-leave it statement," Mr. Bostock said. He saidMicrosoft did not respond to that price other than to withdraw itsoffer.
One person familiar with the matter said Yahoo's boardsaw $37 as a starting point in what was expected to be a negotiation.Some board members may have been prepared to accept a lower price fromMicrosoft -- perhaps as low as $34 -- if Microsoft had continuednegotiating, this person says.

See a timeline of major events in each company's history

Some of the major Yahoo shareholders were upset thatMr. Yang and cofounder David Filo were the ones who represented Yahooin the discussions with Microsoft on Saturday in Seattle, prior toMicrosoft's withdrawal of its offer. Those shareholders believe the twowere biased against selling the company they co-founded in 1995.
Mr. Yang in the interview disputed the idea that Yahoodidn't want to sell to Microsoft. "There should be no question aboutour willingness" to sell to Microsoft, he said, speaking of himself andMr. Filo. "We as a company and I personally have always been open to adeal with Microsoft and I hope that the last few days it was clear thatwe have shown we're willing to do a deal with Microsoft but that wecouldn't get to an agreement on price."
As expected, Yahoo's stock took a pummeling in thestock market Monday, falling $4.20, or 14.7%, to $24.47. Analysts saidthe shares, which traded at $19.18 on Jan. 31 prior to Microsoft'sinitial $31 per share offer, were supported from falling to the samelevel by the possibility that Microsoft could revive its Yahoo pursuit,and that Yahoo was poised to announce a search advertising pact withGoogle. While a deal wasn't finalized as of Monday afternoon, Yahoo andGoogle were vetting a potential agreement with antitrust regulators,according to a person close to Google.
Mr. Yang said he was taking Mr. Ballmer's letterwithdrawing the Microsoft offer "at face value for what it is." Heacknowledged facing pressure now to deliver on Yahoo's plans for itsbusiness. "There is no celebrating here," he said. "We have a lot ofwork ahead of us."

henry

如果微软使的一招欲擒故纵，那yahoo就已经上套了。

紫色图腾

等价格跌下来再收购更划算