Yahoo explains its Microsoft refusal to stockholders
By Erina Lin, Thursday 14 February 2008 at 20:51 :: Media Ownership :: #1258 :: rss
Yahoo Wednesday sent a letter to its shareholders, outlining the reasons why its board believes Microsoft’s offer is not in the best interest of Yahoo stockholders and undervalues the company, PaidContent reported Thursday.
The letter came as the company is having talks with News Corp. as an alternative deal.
According to PaidContent, one of the reasons Yahoo directly talked to its shareholders is that Microsoft is possibly planning to tender an offer to Yahoo shareholders directly. Yahoo anticipated that, and thus explained its position early on.
The letter includes five main points:
- Yahoo is executing its strategy, and making headway.
- Yahoo remains committed to pursuing initiatives that maximise value for all its stockholders.
- Yahoo’s goal is to grow visits to its key starting points and properties, where users enter the Internet, by 15 percent per year over the next several years.
- Yahoo is striving to increase the percentage of total online advertising demand from an estimated 15 percent in 2007 to 20 percent over the next several years.
- These key strategies will be enhanced by the adoption of new and more open technology platforms, which will help the development of new applications and the involvement of third-party developers, and enrich the user experience.
The full letter, signed by Jerry Yang, can be found at PaidContent.
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