Microsoft Not To Raise Bid For Yahoo!
Chief Executive Officer of Microsoft Corp, Steven Ballmer was adamant and refused to raise its $44.6 billion offer for Yahoo! Inc. The CEO of Washington-based Microsoft said, “We know what Yahoo is worth to us. We offered a lot of money: $44 billion. It is not a lot of euros anymore. If their board thinks that's fair, great. If not, we'll move forward,"
Ballmer did clarify as to what he meant by ‘moving forward’. He however clarified that Microsoft would not make a bid for Google primarily for regulatory reasons.
Yahoo! has four days before Microsoft's deadline to agree to its offer or face a hostile takeover fight and risk a lower bid. Earlier Yahoo! had rejected Microsoft’s offer and had argued that it's worth more than the $31 a share in cash and stock that the latter offered. Yahoo! management and directors have said Microsoft's cash-and-stock offer "significantly" undervalues their company.
Meanwhile, Yahoo! also announced its first-quarter financial results on April 22nd. These results were closely watched as these could make a statement in themselves and coax Microsoft for a higher bid. Revenue, excluding the amount paid to advertising partners, rose to $1.35 billion. That beat forecasts of $1.32
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Written by Ankur Mittal on April 24th, 2008 with no comments.
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