More Of Yahoo’s Stubbornness Comes To Light
Thoughtful, objective people tend not to shout "no" before others can even pose a question. Jerry Yang’s looking less than neutral, then, as newly released documents show that he prepared to reject an acquisition bid long before the latest one was presented.
Earlier this morning, David Utter covered the way in which Terry Semel shot down a $40 per share offer from Microsoft in January of last year. Now, "Minutes of Yahoo’s board meeting last October said directors discussed ‘the likelihood that a third party would make an offer to purchase the company,’" according to Reuters.
"Yang then obtained approval to reject any offer, drawing up a standby press release for an offer that only arrived late in January 2008," the report continues.
This revelation isn’t likely to make Yahoo’s investors any happier. It is, on the other hand, liable to make Carl Icahn’s mission a lot easier.
And finally, we just have to note what a poor press release Yahoo came up with considering its three-month prep period. The statement read: "Yahoo! Inc., a leading global Internet company, today said that it has received an unsolicited proposal from Microsoft to acquire the Company. The Company said that its Board of Directors will evaluate this proposal carefully and promptly in the context of Yahoo!’s strategic plans and pursue the best course of action to maximize long-term value for shareholders."
Hardheaded and graceless isn’t a great combination.