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Microsoft sticks to its bid for Yahoo

Microsoft sticks to its bid for Yahoo
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First Published: Fri, Apr 25 2008. 11 25 AM IST
Updated: Fri, Apr 25 2008. 11 25 AM IST
By AFP
San Francisco: Microsoft’s chief financial officer said that the US software giant is standing by its $44.6 billion (Rs1,79,046 crore) bid for Yahoo and the 26 April deadline it gave the struggling Internet pioneer to decide.
“With respect to Yahoo we have been clear speed is of the essence,” Chris Liddell said on 24 April while discussing a fresh Microsoft earnings report.
“The idea we should increase our bid just because we can afford to is not one that I favour. Unless we make progress with the Yahoo board by this weekend we will explore our alternatives. Microsoft has given Yahoo’s board of directors until 26 April to accept its unsolicited $44.6 billion offer.
Microsoft’s options include withdrawing its offer or taking it directly to shareholders in what would be considered a “hostile” proxy battle. “With or without a Yahoo combination, Microsoft is focused on the online advertising market,” Liddell said.
Microsoft made its offer for Yahoo on 1 February in a quest to combine the firms’ resources to gain ground on Internet search king Google. Liddell’s comments echo those made by Microsoft chief executive Steve Ballmer during a press event in Morocco earlier in the week.
“We have a strategy for the Internet that we are very excited about,” Ballmer said. “We think we can accelerate our strategy by buying Yahoo and we will pay what makes sense for us to pay for our shareholders.”
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First Published: Fri, Apr 25 2008. 11 25 AM IST
More Topics: Yahoo | Microsoft | Bid | Technology | Tech News |