Microsoft's Bid For Yahoo
Events leading up to Microsoft Corp.'s decision to abandon its offer for Web search and advertising competitor Yahoo Inc.
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After two years of talks and speculation, Microsoft makes unsolicited offer to buy Yahoo for $31 per share, or $44.6 billion.
LINK: Mammoth Microsoft
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Google Inc.'s top lawyer says the buyout could hurt Web innovation.
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Yahoo CEO Jerry Yang tells employees that selling to Microsoft is an option.
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Yahoo rejects Microsoft's offer, saying it "substantially undervalues" the company's brand and worldwide assets.
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Microsoft Chairman Bill Gates tells The Associated Press the software maker isn't in talks with Yahoo about raising its offer. Yahoo releases details of severance plans that would take effect after a buyout, which could make the deal more expensive for Microsoft.
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Yahoo extends a deadline for nominating candidates to its board, buying time to strike an alternative deal. Yahoo is said to be in talks with Google Inc., News Corp.'s MySpace.com and Time Warner Inc.'s AOL.
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Senior executives meet near Yahoo's Sunnyvale, Calif., headquarters.
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Yahoo releases optimistic revenue forecast for next two years to justify rejecting bid.
LINK: Mammoth Microsoft
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Microsoft CEO Steve Ballmer gives Yahoo three weeks to agree on a buyout or expect the software maker to go hostile — and potentially lower the offer price.
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Yahoo says it will try using Google's search ad engine instead of its own in a limited test. Microsoft's general counsel, Brad Smith, raises antitrust concerns.
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Microsoft deadline for Yahoo to accept the offer expires. Both companies remain silent.
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Ballmer tells Microsoft employees that he "won't go a dime above" what he thinks Yahoo is worth, and that he is willing to walk away from the deal.
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Microsoft raises its bid to $33 per share, but Yang says the board won't accept less than $37. Microsoft withdraws its offer.
LINK: Mammoth Microsoft
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Billionaire financier, corporate raider, and private equity investor Carl Icahn proposes a 10-member dissident board slate for election at Yahoo's upcoming annual shareholder meeting. Icahn says he now holds a 4.3 percent stake in Yahoo, including 9.9 million shares and 49 million call options. Yahoo Chairman Roy Bostock replies to Icahn that "none of the alternatives we are considering would preclude us from entering into a transaction with Microsoft or any other party."
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Microsoft says it has floated with Yahoo an "alternative" deal that would not involve the software maker buying all of Yahoo but says it could reconsider pursuing a full acquisition.
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Yahoo announced it had ended all talks involving a business deal with Microsoft, burying any chance that the software maker might revive its attempt to buy the Internet pioneer. The development is expected to lead to an advertising partnership between Yahoo and another rival, Internet search leader Google.
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Yahoo Inc. announced that embattled Chief Executive Jerry Yang will step down. Yang will remain as a Yahoo board member and will resume his role as chief Yahoo, the Internet company said. Yahoo has struggled to mount a turnaround and regain investor confidence following its failure to reach a merger agreement with Microsoft Corp.
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Credits:
CBS/AP
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