Comex

Yahoo tells Microsoft: 'Buy us'

Yahoo tells Microsoft: 'Buy us'
Thursday 06 Nov 2008 [15:38]

The "For Sale" sign is still on the front lawn according to Yahoo, and that Microsoft should buy the company.

Jerry Yang, the internet portal's co-founder and CEO made the comment despite the fact that a $33 (£21) per share offer from Microsoft was rejected by Yahoo last May.

This suggestion by Mr. Yang has come hours after search giant Google pulled out of an internet advertising partnership

"To this day the best thing for Microsoft to do is buy Yahoo," said Mr. Yang.

"I don't think that is a bad idea at all, at the right price whatever that price is. We're willing to sell the company," he told a packed ballroom at the Web 2.0 summit in San Francisco.

Mr. Yang was asked why the company did not accept the $33 a share offer back in the summer during an on stage conversation in front of a standing-room only crowd. Yahoo's share price closed Wednesday below $14 (£8.80) a share.

"They walked away from a public offering and we were ready to negotiate. We wanted to negotiate a deal. We felt we weren't that far apart.
"At the end of the day, they withdrew and they have since been clear about not wanting to buy the company," Mr. Yang said at a rare public appearance.

Microsoft did however come back and offer to buy the search part of Yahoo, but a deal was never struck.

Mr. Yang's answer to Microsoft's offer was that it was not god enough at the time, but he still remained open to persuasion

"As far as a search deal goes, we are open-minded about it. The last time we felt the deal was not a good one for the company but that doesn't mean we won't do one."

When asked if any negotiations were pending with the software giant, Mr. Yang said "There is no new news."

Microsoft declined to comment.
Mr. Yang was coy when asked about a possible deal with AOL by his host John Battelle, "Buying AOL? I can't talk about that, John. If I told you I would have to kill you."

Yahoo is still holding the door open to a possible approach by Microsoft; although Google closed one earlier in the day on a deal that the two companies had struck up over search advertising, which could prove costly on Yahoo, as the deal could have been worth $800m (£500m) a year. You can read about this here: http://www.comexit.net/news_view.php?id=84


Yahoo tells Microsoft: 'Buy us'
Comex
Tel: 0844 770 6262
comexit.net
Mon 18 Jun 2018 04:45:10