Thursday, February 7, 2008
Yahoo chief executive Jerry Yang sent a message to employees on Wednesday, assuring them the firm's leaders are exploring ways to avoid a takeover by software giant Microsoft.
In an email to Yahoo workers, Yang said the board of directors has yet to decide how to respond to Microsoft's offer to buy the veteran Internet company for 44.6 billion US dollars in cash and stock.
"Our board is thoughtfully evaluating a wide range of potential strategic alternatives in what is a complex and evolving landscape," Yang wrote in the email, which was filed with the US Securities and Exchange Commission.
"What's become clear in the past few days is how much people care about this company. I've heard from many of you, and from other friends and colleagues from around Silicon Valley and across the globe, that we need to do what's best for Yahoo and our shareholders."
Microsoft's unsolicited offer to pay the equivalent of 31 US dollars per share for Yahoo highlights the 14-year-old California firm's potential to recapture past glory, Yang told employees.
Microsoft publicly announced what it billed as a "generous" offer for Yahoo on February 1 and said its plan is to combine resources to take on Internet powerhouse Google.
Google has come out against the proposed takeover, condemning it as an attack on the freedom of the Internet.
Yahoo has said little more than its board is carefully reviewing options that include keeping Yahoo an independent company.
By: DocMemory
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