Yahoo rejected a restructured Microsoft Corp. proposal on Saturday after Microsoft gave the company 24 hours to ‘take it or leave it’.
“This odd and opportunistic alliance of Microsoft and Carl Icahn has anything but the interests of Yahoo!’s stockholders in mind. Clearly, Microsoft, having failed to advance in search, is aligning with the short-term objectives of Mr. Icahn to coerce Yahoo! into selling its core strategic search assets on terms that are highly advantageous to Microsoft, but disadvantageous to Yahoo! stockholders. Yahoo’s Board of Directors will not allow that to happen,” Yahoo Chairman Roy Bostock said in a statement. In addition to the rejection, Yahoo! offered two opportunities to Microsoft, an offer to sell the entire company to Microsoft for at least $33 a share, and an offer to negotiate an improved search-only transaction. Microsoft rejected both offers. “Yahoo!’s Board remains open to any transaction that delivers full value to our stockholders