Microsoft issues Yahoo an ultimatum
Microsoft on Saturday issued a letter to Yahoo’s board of directors saying that it is tired of waiting for the online firm to start negotiations. It will give the company three weeks to come to an agreement before it makes its case to shareholders.
The letter from Microsoft CEO Steve Ballmer claims that since the bid was placed for Yahoo, the latter has done nothing to help progress the negotiations. To make matters worse, “public equity markets and overall economic conditions have weakened considerably”, lessening Yahoo’s value to Microsoft since it offered a 62 per cent premium on Yahoo’s stock.
Ballmer pleads for common sense
“It is unfortunate that by choosing not to enter into substantive negotiations with us, you have failed to give due consideration to a transaction that has tremendous benefits for Yahoo’s shareholders and employees,” Ballmer wrote to the Yahoo board. “We think it is critically important not to let this window of opportunity pass.”
tech.co.uk