Yang ready to talk acquisition with Microsoft
After Microsoft withdrew their bid to acquire Yahoo, there were apparently high-fives in the Yahoo boardroom. They had weathered the storm.
Not so happy.
After Yahoo’s stock dropped on Monday, several prominent investors expressed their dissatisfaction with how Yahoo CEO Jerry Yang and the board handled things, forcing Yang to backpedal.
“We did not say it was a take-it-or-leave-it number in the sense that we would never negotiate any more,” said Yang, referring to the $37 per share figure. “We were totally willing to do a transaction, and they walked away.”
Capital Research Global Investors portfolio manager Gordon Crawford told the Wall Street Journal “I’m extremely disappointed with Yang…I think he overplayed a weak hand.”
A Yahoo board member was allegedly overheard venting on a telephone call about Yang’s performance saying “I’m done with this ego trip shit, he’s out.”