→ innevertears:576P!! 05/10 00:39
→ innevertears:魂斷鹽湖城 05/12 21:45
Shares of Yahoo rallied Friday on news of renewed talks, rising to $28.67, up
1.86, or nearly 7 percent. Mircosoft shares dropped to $29.94, or half of a
percent.
The main stumbling block has been a sharp disagreement over the value of Yahoo
. Microsoft's initial stock-and-cash offer, made on Jan31, was valued 44.6 at
billion or $31 a share. After the decline in Microsoft's share price, the offer
was worth $29.40 a share on Firday.
Yahoo repeatedly rejected Microsoft's bid, saying it substantially undervalued
the company. But Jerry Young the co-founder and chief executive, said he would
not opposed to a deal with Microsoft at a higher price.
Speaking to Microsoft employees on Tuseday, Steven A. Ballmer, Microsoft's
chief executive, said:"I know exactly what I think Yahoo is worth to me,"
Mr.Ballmer added, "I won't go a dime above, and I will go to what I think it's
if gets the deal done."
The higher offer was as much am attempt to brings Yahoo to negotiated table as
an effort to win large Yahoo shareholders, whose support would be essential in
a proxy fight, some Yahoo shareholders had signaled they would holding out for
more $35 a share. Each $1 a share represents about $1.4 billion extra in the
value of a deal.
Mr.Ballmer had personally lobbied large Yahoo shareholders in recent days,
accroding to people familiar with the disscusions. On Firday,the calls form
represntatives form both companies to large shareholders intensified, accroding
to people involved in the discussions.
Analysts said that by rising its offer, Microsoft was propably trying to avoid
having to fallow through a hostile bid, which was it uncertian to win and which
could have resulted in a drawn-out battle and the defection of many Yahoo
employees.
"Everybody wants to avoid outright hostile bid," said Morton A. Pierce, who had
the mergers and acquisitions practice at Dewey & LeBoeuf, a law firm in New
York.
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