Live: Microsoft Wants Yahoo
These are live notes from the Microsoft press conference announcing their offer to purchase Yahoo.
Microsoft CEO Steve Ballmer:
>> We see this announcement as significant. This is a milestone for Microsoft’s Online ventures.
>> Last night I called Jerry Yang to discuss the proposal. I think Yahoo should be excited about this offer.
>> There are now several steps we will both need to take to move this proposal forward.
>> We believe in the benefits of combining these two companies… now more than ever.
>> The offer is a mix of 50% cash and 50% equity.
>> Looking to close the transaction in second quarter of 2008
>> We see the opportunity to drive 100% synergies.
>> The real opportunity is to drive increased long term shareholder value.
Q & A (Microsoft Answers only)
>> It’s about scale economics.
>> Scale matters. Some things are short term and others will be longer term.
>> This business will have different economics than Windows. You can’t relate this to that economic model.
>> Clearly, we believe the offer is a very attractive one from the Yahoo shareholder perspective.
>> Any number of companies might have an interest. We have been getting unsolicited feedback from publishers that this will create a more competitive number two in the marketplace.
>> Google is clearly prevented from attempting to buy Yahoo do to antitrust laws.
>> This will drive more investment in social media elements for search.
>> There is nothing quite like putting together two great R&D organizations. This should be quite an accelerate to growth.
>> We have clear line of sight to the synergies.
>> The Windows experience needs to increasingly embrace the Internet. Office will be transformed by the Internet.
>> A team from both companies will look into the synergies.