Tag Archive: Yang

Yahoo boss Jerry Yang has told the BBC that he doesn’t feel “under pressure.” That’s in spite of having to delay the annual general meeting and a threat by investors to replace the board following Yahoo’s rejection of Microsoft’s $47.5 billion takeover bid.

Actually, he says it was Microsoft who broke off those talks over price. But Yang claims the two companies are still talking, with Yahoo listening to Microsoft’s proposals and ideas. There’s been plenty of speculation that the two will work together in some way to try and counter Google’s dominance in the Internet search market.

After Microsoft walked away from Yahoo at the weekend, the search giant’s shares took a bruising, falling $4.30 to$24.37. Big investors who’d wanted to sell at $34 weren’t happy, and Yahoo chief Jerry Yang made placating noises to Microsoft.   According to Reuters, Yang claimed to have “mixed feelings” about the weekend’s outcome, when Microsoft left the negotiating table.   "We were negotiatinga way to find common ground and then on Saturday they chose to walk away," he told the news agency. "They started it and they walked away." However, at this stage he would appear to bewilling to leave the door open for future talking, adding,   "If they have anything new to say, we would be open. … I am more than willing to listen."   Yang had held out for a$37 per share offer, largely because of its web search ad technology. Although Microsoft was willing to go as high as $33, up from its first bid of $31 per share, they baulked at paying more.  The fallout is likely to rumble for some time. Some analysts believe that the only reason Yahoo’s shares didn’t fall to their pre-Microsoft offer of $19.18 is that investors trust thatMicrosoft will return to the table. But two massive investors in the company are reportedly upset at Yang, saying they would have sold if the offer had been raised to $34.   The other fly in theointment would be any ongoing deal with Yahoo and Google, who tried a two-week marriage on ads. Microsoft’s Steve Ballmer warned Yahoo in a letter over theweekend that any Yahoo-Google would halt any potential deal with Microsoft.   Yesterday Yahoo was holding a meeting with employees.

To those Yahoo shareholders whose eyes glistened with money signs when Microsoft made its much-publicized acquisition offer two weeks ago, Yahoo CEO Jerry Yang says the best is yet to come. In a letter sent to Yahoo investors on Wednesday, Yang explained the company’s rationale behind the decision to turn down the offer, and gave reasons why the company will succeed even without the software giant’s backing.

According to Yang, Yahoo rejected Microsoft’s offer of $44.6 billion offer because the Yahoo’s board of directors “believes that Microsoft’s proposal substantially undervalues Yahoo! and is not in the best interests of our stockholders.”

Saying that the company faces a tough year, Yahoo CEO Jerry Yang has confirmed the company will be cutting 1,000 jobs as the company fights to restore profits and regain its competitive edge. Yahoo currently employes about 14,300 people; Yang did not disclose where the job cuts would hit.

Yahoo’s quarterly financials (PDF) reveal that fourth quarter profits at the Internet giant have fallen 23 percent to $205.7 million, compared to $268.7 million for the same period a year ago.  Read more...