Yahoo to Microsoft “Make us an offer we can’t refuse”
Yahoo Inc is not opposed to Microsoft Corp’s bid for the Web media company, as long as it is at the right price, Yahoo’s board said on Monday in a letter to Microsoft Chief Executive Steve Ballmer.
“We have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders,” the letter said. “Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders.”
Yahoo is responding to a three-week deadline issued by Ballmer in a letter to Yahoo on Saturday for Yahoo to agree to Microsoft’s $31 a share cash-and-stock offer or risk seeing the bid lowered. “Our board has been actively and expeditiously exploring our strategic alternatives to maximize stockholder value, a process which is ongoing,” Yahoo’s board said on Monday. “All of these actions have been driven by our overarching commitment to maximize stockholder value.
Via Reuters