Yahoo again rebuffs Microsoft in letter

Yahoo called Microsoft's threat of a hostile takeover "counterproductive" on Monday, while also saying it is open to a deal but only at a higher offer.

Yahoo called Microsoft's threat of a hostile takeover "counterproductive" on Monday, while also saying it is open to a deal but only at a higher price.

In a letter addressed to Microsoft CEO Steve Ballmer, Yahoo's CEO Jerry Yang and Chairman Roy Bostock said Microsoft has mischaracterized the negotiations since the initial offer was made, and that the two companies have had "constructive conversations."

"We consider your threat to commence an unsolicited offer and proxy contest to displace our independent board members to be counterproductive and inconsistent with your stated objective of a friendly transaction," the letter said.

Yahoo said Microsoft's falling stock price has devalued the value of the proposal. Microsoft offered Yahoo a cash-and-stock deal worth $44.6 billion.

Yahoo also said Microsoft has not responded to requests for more information on antitrust issues since a deal would be subject to regulators.

"To date, you have still not provided any of the requested information," the letter said.

Yahoo's response comes two days after Microsoft sent an open letter giving the company three weeks to agree on a deal. If one isn't reached, Microsoft said it will take its offer to Yahoo's shareholders in order to oust the company's board.

If that happens, Microsoft said it would also lower its offer.

Microsoft's claims that Yahoo has refused negotiate are wrong, Yahoo said, while taking a jab at Ballmer.

"Steve, you personally attended two of these meetings and could have advanced discussions in any way you saw fit," the letter said.

Yahoo also wrote that it had released a three-year financial and strategic plan and maintained it could meet its forecasts.

The company also noted its announcement on Monday of a new advertising management platform called AMP. The Web-based platform is designed to make it easier for publishers to manage and sell ad space on their Web sites.

"We have continued to launch new products and to take actions which leverage our scale," the company said.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jeremy Kirk

IDG News Service
Show Comments

Father’s Day Gift Guide

Brand Post

Bitdefender 2019

Bitdefender solutions stop attacks before they even begin! Get cybersecurity that 500 MILLION users already have and trust.

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?