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February 9, 2008 11:32 AM
Yahoo Will Take Its Poison Pill
Yahoo Board to Reject Microsoft Bid
I certainly hope this means major changes at the company, and a rallying cry for Yahoos everywhere. They need it. From the Journal:
After a series of meetings over the past week, Yahoo's board determined that the $31 per share offer "massively undervalues" Yahoo, the person said. It also doesn't account for the risks Yahoo would be taking by entering into an agreement that might be overturned by regulators. The board plans to send a letter to Microsoft on Monday, spelling out its position.
- Posted by John Battelle on February 9, 2008 11:32 AM
Comments
So I am not the only one to believe that Yahoo is doing the wrong thing. Just watch out how Yahoo's stock price pan out on Monday... That will be real fun.
So I am not the only one to believe that Yahoo is doing the wrong thing. Just watch out how Yahoo's stock price pan out on Monday... That will be real fun.
The press has been full of credible signals that MS is willing to up the bid. Of course, the board is rejecting the deal. That is a far cry from the Yahoo board being that bullish on management's plan.
My money is on an accepted second price. The Y! team would have to have a plan to add >100% value to the business within 18-24 months , in order to exceed the value of a certain deal with a 70-75% pre-bid premium that a round two bid will likely bring.
Rally cries from a tired team that don't get along will not cut it. The fiduciary obligation of the board to it's shareholders coupled with the risk of shareholder action pushes them to accepting a revised bid.
Does that mean I should short yhoo and buy goog.
From what I hear most yahoo employees are floating their resumes and mentally checked out. Starting a rally cry now seems somewhat belated --- where was that excitement and will to fight two years ago or even 8 months ago when Jerry took over?
As a yahoo shareholder I don't trust that this management team has the experience or ability to inspire the yahoo! employees, partners, and advertisers into a $44B company over the next 16-24 months.
Despite what the leak to the WSJ said, Yahoo! isn't rejecting the Microsoft offer, they're counteroffering $40 per share.
If Microsoft really wants this, they'll meet them in the middle, and Y! will accept. There are no credible alternatives.
But this is a great time to be Google, since tremendous value at Yahoo! will be destroyed if this happens. The market has already knocked $40 billion from Microsoft's valuation, so the market is saying that most of Yahoo's value will be obliterated.
For some, the good news last week was that about 800M shares of YHOO were sold for just shy of $30.
For others, the bad news last week was that about 800M shares of YHOO were bought for just shy of $30.
John,
There is no poison pill - not sure you understand these things past the superficial way they're covered by the press.
This is all about negotiating and very predictable.
Yahoo considering AOL merger to fight Microsoft hostile takeover reports http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article3346356.ece
Yahoo considering AOL merger to fight Microsoft hostile takeover according to
business.timesonline.co.uk/tol/business/industry_sectors/technology/article3346356.ece
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