Yahoo turns down latest acquisition attempt by MIcrosoft and Icahn
Apparently Microsoft hasn’t given up on acquiring Yahoo just yet. Saturday night Yahoo announced that it has turned down a bid proposed by Microsoft and investor Carl Icahn.
The bid would have resulted in Microsoft and Icahn buying Yahoo’s search business, their board of directors and top management team being replaced, and their remaining businesses restructured.
When the bid was proposed Yahoo was given just 24 hours to respond and told that there would be no negotiation–the terms of the deal were non-negotiable.
The deal was turned down, with Yahoo chairman Roy Bostock saying “it is ludicrous to think that our Board could accept such a proposal…While this type of erratic and unpredictable behavior is consistent with what what we have come to expect from Microsoft, we will not be bludgeoned into a transaction that is not in the best interests of our stockholders.”