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Decker: We Never Got $33 Offer in Writing

Posted May 06, 2008 01:23am EDT by Sarah Lacy in Investing, Internet, Newsmakers, Venture Capital, M and A, IPOs
Related: yhoo, msft, goog

Monday was a rough day for Yahoo, with shares plunging 15% in the wake of the weekend collapse of merger talks with Microsoft. Yahoo’s President, Sue Decker, sat down with me in San Francisco and recounted her version of events during the 3-month takeover battle. She reiterated what looks to be a key Yahoo theme: Jerry Yang & Co. never received written confirmation of Microsoft’s $33 raised bid.

This is an echo of comments made by Yahoo sources over the weekend (including those to the Wall Street Journal and CNBC). In addition, when I asked Decker which shareholders support the Board’s decision to hold firm at $37, she referred back to the original formal bid: "The work our Board did was to go around and talk to shareholders at the price Microsoft offered in writing, which was $31 a share."

Decker said that the deal wouldn't necessarily have been done at $37 a share, either. "Price was not the only factor," said Decker. But she added that the two companies never were able to address important questions around culture and vision because they couldn't get past the price.

As for shareholders and employees themselves having trouble getting past the plunge in Yahoo shares Monday, Decker urges patience. "We will deliver much more value than what was on the table," she said.

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