Tuesday, December 22, 2009, 6:40PM ET - U.S. Markets Closed.
Faced with a fierce and public rebuke from its top institutional shareholders, Yahoo's leadership has done some major backpedaling in the past 24 hours.
"They chose to walk away after we put a price on the table, and they didn't want to negotiate," Yahoo co-founder and CEO Jerry Yang told The New York Times.
To Reuters, Yang said: "If they have anything new to say, we would be open...I am more than willing to listen."
Meanwhile, Yahoo chairman Roy Bostock told The Wall Street Journal that $37 "was not a take-it-or-leave it statement."
These statements, as well as Yahoo's contention -- repeated by Sue Decker in her Tech Ticker interview -- that Microsoft never made a $33 bid seems to be a coordinated effort to both get Microsoft back to the table and appease irate shareholders.
On the latter front, Yang, Bostock and Yahoo's board came under blistering attack from the firm's largest shareholder: Gordon Crawford of Capital Research Global Investors, whose parent firm owns 16% of Tech Ticker's parent.
"I am extremely angry at Jerry Yang and at the so-called independent board," Crawford told The New York Times.
Echoing Legg Mason's Bill Miller, Crawford also took umbrage with Bostock's contention that Yahoo shareholders supported the board's negotiating tactics. "I would love to know who these shareholders are," Crawford said. "It's none of the ones that I talked to today. Everybody I talked to would have sold their stock at $34."
If nothing else, these are extraordinary developments in a saga that may yet have more twists and turns ahead.
It is very understandable that mr. Crawford is extremely angry,NOT...Are we supposed to believe that CRGI would push for a higher price from MSFT since they (crgi)also own msft's? This is all part of the act that Mr. Ballmer wants them to play as their role in this game. I'll be extremely surprised if msft doesn't come to close the deal !!! Mr. Ballmer's strategy didn't really work 100% since yhoo "s share price didn't tank to $20. below and msft"s gaining atleast 5%.
Why isn't Henry Blodgett in jail? Get rid of him and Yahoo IS worth $37/share. With him $1.92. He just shows what idiots are running Yahoo.
I said it 6 weeks ago and I"ll say it one more time $34 gets the deal done. STAND BY FOLKS, Tommie Boy
hey who is talking there is so foolish.. stop this nonsence
i don't know though, I'm sure those angry shareholders were going to give those extra dollars (per share) to someone who really needs the money like indonesia. a few extra dollars these days could feed a family of eight in indonesia for a day. damn those greedy people in indonesia! long live america! j/k...sad world we live in.
Henry, you're the one to whine. Why don't you instead bash INSP? You don't even measure to Yang's pinky.
Everybody should understand the strategy of MSFT in purchase of companies which they want to. They like play games and want to pay as less as they expect. I believe the board of Yahoo want a deal too but the price should be reasonable. I really think MSFT will come back later if most of the shareholders of Yahoo support their board.
Thank god it never happen. Msft is always missing up other people. Who cares, who is the biggiest in the game?
Yahoo stock will rebound I am quite confident. I almost feel sorry for Yang and company with all the criticism afloat. If they sold at less than 31 they felt undervalued. If they held out and got no deal then they dropped the ball. It was almost always a no win situation for Yahoo from the very beginning. Microsoft should come back to the table because with Yahoo under their wing combined with MSN they could virtually rule the Internet. I have a strong feeling that this is more cat and mouse and is not really over yet. Very seldomly does Microsoft NOT get what they want. do
People who believe in stock market day to day price and not on their capabilities as a company behave like Crawford did.This is as good as day to day vegetable vendor business feeling the price lost in yesterdays tomoto's bought.Yahoo has been an independant company for 15 years parallel to microsoft.Who knows?.Microsoft may go bankrupt when some new company emerges with out of box technology.If microsoft has capability,they would have made msn compete with google.Microsoft is showing rock age survival theory signs like big fish eating small fish
People who believe in stock market day to day price and not on their capabilities as a company behave like Crawford did.This is as good as day to day vegetable vendor business feeling the price lost in yesterdays tomoto's bought.Yahoo has been an independant company for 15 years parallel to microsoft.Who knows?.Microsoft may go bankrupt when some new company emerges with out of box technology.If microsoft has capability,they would have made msn compete with google.Microsoft is showing rock age survival theory signs like big fish eating small fish
I'd like to see the negotiators back to the table but minus Mr. Yang.
blodgett's "advice" has cost investers far more money that all of the people he mentioned...including me!
Yang to be ousted as ceo..greedy egotist
Poor decision making by the 'independent' board to allow the person least likely to make a deal, or even analyze the company dispassionately, to be the primary negotiator. I suppose they also support the concept that only a person's mother should be on the jury for an alleged murderer...moms can always see the potential good in their children no matter what.
Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes for NASDAQ, NYSE and Amex. See also delay times for other exchanges. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. Fundamental company data provided by Capital IQ. Financials data provided by Edgar Online. Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data, daily updates, fund summary, fund performance, dividend data and Morningstar Index data provided by Morningstar, Inc. Analyst estimates data provided by Thomson Financial Network. All data provided by Thomson Financial Network is based solely upon research information provided by third party analysts. Yahoo! has not reviewed, and in no way endorses the validity of such data. Yahoo! and ThomsonFN shall not be liable for any actions taken in reliance thereon. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.
Mel Kiper - Tuesday May 06, 2008 12:06PM EDT
"What is Greed"