June 3, 2008
The Yahoo-Microsoft fiasco continues. Attorneys for investors won the right yesterday in court to release meeting minutes and other details behind the so far non-acquisition of Yahoo! (NASDAQ: YHOO) by Microsoft (NASDAQ: MSFT). Not much of a commercial real estate angle here except to say that Yahoo owns a bunch of land in Santa Clara that was originally slated for development into a campus and that those plans are probably on the back burner while they defend themselves.
Apparently, from documents released yesterday, Microsoft offered $40 per share for Yahoo! back in January and management estimated that a Microsoft takeover could translate into a 15% or 30% reduction in Yahoo workforce. Yahoo is now faced with a barrage of complaints from disgruntled investors, with big boys Carl Icahn, Daniel Loeb, and Boon Pickens in for a fight to oust the current board and replace them with a more Microsoft-Merger friendly group.
It will be intersting to see what happens.
- Yahoo Cuts a Deal with Google
- Stick To What You Know: Boone Pickens Dumps Yahoo! Stake
- Google Scraps Yahoo Partnership
- Microsoft Bids For Yahoo; Facebook Numbers Leaked
- Yahoo Layoffs Begin; Estimated 1500 To Lose Jobs This Round