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Microsoft's bid to buy out Yahoo decried
(Xinhua)
Updated: 2008-07-10 10:44 LOS ANGELES - The US Software giant Microsoft's bid to buy out Yahoo has been decried as tactics to torpedo Yahoo's business. Microsoft is trying to torpedo Yahoo's business and has no intent to do a deal with the Internet giant, Yahoo's Chief Executive Officer Jerry Yang said in an interview published on Wednesday. "I think that I can bring stability back to Yahoo, and I want to get on with building company," Yang told the Wall Street Journal. "I think that the destabilizing by Microsoft has become more and more intentional. I am not happy about it." Earlier this week, Microsoft said it was interested in re-starting talks to acquire part or all of Yahoo if investor Carl Icahn succeeds in his proxy battle to remove the company's directors. Yahoo's shareholder meeting will be held on Aug. 1. "To trust Mr. Icahn and his board is really a bad choice," Yang said. He said Microsoft and Yahoo advisers spoke last week, though no formal discussions are taking place. Earlier on Monday, Microsoft said it might renew talks to buy Yahoo's search technology or the entire company only after the Yahoo board and its CEO were ousted. Microsoft insisted that a buyout of Yahoo would depend on whether Icahn succeeds in ousting the Yahoo board and Yang. Microsoft also cautioned: "We respect the right of Yahoo's shareholders to determine the destiny of their company, and we do not intend to engage in ongoing commentary on these issues in advance of Yahoo's shareholder meeting." Icahn, a major shareholder of Yahoo, is attempting to gain support for his board slate ahead of a Yahoo shareholder vote Aug.1. He has the backing of some shareholders, including T. Boone Pickens, chairman of BP Capital LLC, and hedge-fund manager John Paulson. Icahn has nominated nine directors to replace Yahoo's board members, including himself, Dallas Mavericks basketball team owner Mark Cuban and former Viacom Chief Executive Frank Biondi Jr. In response to Microsoft's statement, Yahoo accused the software giant of teaming up with Icahn to force Yahoo to sell in a transaction that would not be in the best interests of Yahoo shareholders. Yahoo said it approached Microsoft Chief Executive Steve Ballmer in June about a deal but was rebuffed. If Microsoft really wants to buy Yahoo, "we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it," Yahoo said in a statement. Icahn also issued a statement, saying that over the last week he had spoken "frequently" with Ballmer, with several conversations lasting as long as an hour and some including top executives, including Kevin Johnson, who heads Microsoft's platform and services unit. |
