Tuesday, 6 May 2008

Microsoft Undervalued the Company, Says Yahoo

In a response to Microsoft’s announcement of withdrawing its proposal to acquire Yahoo, Roy Bostock, Chairman of Yahoo, said that the company would remain focused on maximizing shareholder value and pursuing strategic opportunities that position Yahoo for success and leadership in its markets.

He further added to it saying that their Board and Management dedicated to look into the acquisition proposal have been firm in their belief that Microsoft's offer undervalued the company and Yahoo is pleased that so many shareholders joined them in expressing that view.

Commenting on the decision of rejecting Microsoft’s proposal Jerry Yang, co-founder and chief executive officer, Yahoo said, "I am incredibly proud of the way our team has come together over the last three months. This process has underscored our unique and valuable strategic position. With the distraction of Microsoft's unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history so that we can maximize our potential to the benefit of our shareholders, employees, partners and users."