Acquisitions

The damsel in distress is not only postponing her pretender, but she is also making it harder to be taken over. Jerry Yang, Yahoo’s Chief Executive, revealed that his intentions are not at all of giving up so easily at a company he once helped build. He did not care about any repercussion from the shareholders’ behalf, nor about the Microsoft’s possibilities. On Monday a judge from Delaware presented the divorce that is about to take place between Microsoft and Yahoo even before they got marriage. The reasons would be an employee severance program which would double Microsoft’s costs that made an initial offer of 44.6 billion. According to the program in case Microsoft will take over, none of the 13800 Yahoo employees can be relocated or fired otherwise they will receive benefits. However, the father of the future bride, Yang now faces a suit from the shareholders led by investor Carl Icahn who is focusing on replacing the nine directors if the talks will not get to a mutual ground until the end of July when Yahoo’s annual meeting is due. The pretender did not make any comments and after at the beginning of May withdrew the offer, it seem to be interested more in the online transactions of Yahoo. What is new in the case and might interest us is the fact that in January Microsoft Chief Executive Steve Ballmer made an offer of buyout of $40 per share and $1.5 billion in incentives and he was still turned down. Moreover, it seems that that moment triggered the idea of the severance plan. Incredible as it may be, Yang holds the control and will not let go too easily. For the time been, it is in the judge’s power to take a decision.

related story: http://news.yahoo.com/s/ap/20080602/ap_on_hi_te/yahoo_lawsuit;_ylt=AsI8L3u.bqBrFuEkZS1s7E.s0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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Edited by: Maria Zitnanska

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