Microsoft is reportedly interested—again—in buying Yahoo. Though the Reuters report is being dismissed by AllThingsDigital, there have been more twists and turns in this courtship than a soap opera.
Here's a timeline, compiled by CNBC from press releases, of Microsoft's so-far unrequited pursuit of Yahoo .
Feb. 1, 2008 6:31 a.m.
Microsoft offers to acquire Yahoo for $31 per share
Feb. 1, 2008 6:47 a.m.
Microsoft Follow-up: Microsoft offers hostile $31/share bid for Yahoo
The deal represents a total equity value of approximately $44.6 billion, and Yahoo shareholders could receive either cash or 0.9509 shares of Microsoft common stock, subject to proration so that in the aggregate one-half of the Yahoo common shares will be exchanged for Microsoft stock and one-half in cash.
Microsoft said it explored a broad range of ways for which the two companies might work together in late 2006 and early 2007. Microsoft believes that annual synergies of at least $1 billion for the combined entity.
On Feb 7, 2008, Microsoft's Steve Ballmer received a letter from Yahoo's chairman indicating the view of the Yahoo board that "now is not the right time from the perspective of YHOO shareholders to enter into discussions regarding an acquisition transaction."
Microsoft believes this proposed combination would receive all necessary regulatory approvals and expects that the proposed transaction would be completed in the second half of calendar year 2008.
Microsoft said it is committed to working with Yahoo management and that its board, along with Yahoo shareholders, will evaluate the proposal. Conference call at 8:30: Trading update: Yahoo shares has increased 53.5 percent to $29.45; Microsoft has increased 1.9 percent to $32; Google shares have increased 8.2 percent to $518.15.
Feb. 11, 2008 9:01 a.m.
Yahoo confirms that it has rejected bid from Microsoft
The press release confirms media reports. Yahoo said that it believes Microsoft’s proposal substantially undervalues Yahoo. Yahoo’s board said it is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and remains committed to pursuing initiatives that maximize value for all stockholders. Goldman Sachs and Lehman are advising Yahoo.
May 3, 2008 8:42 p.m.
Microsoft withdraws offer for Yahoo
CEO Ballmer said that despite raising the offer by approximately $5 billion, Yahoo had not moved towards accepting it and the economics demanded by Yahoo did not make sense for Microsoft. The WSJ reported that Yahoo was holding out for $37 per share (see May 2 comments).
May 15, 2008 8:40 a.m. Carl Icahn sends open letter to Yahoo board.
Icahn reportedly urges Yahoo to negotiate a merger with Microsoft, saying that the $33 per share bid is the superior alternative for the company.
Icahn has formed a 10-person slate for the Yahoo board. He has acquired 59 million shares of Yahoo and has sought FTC approved to buy up to $2.5 billion in Yahoo stock. The WSJ reported last night that Icahn planned to nominate 10 people to the Yahoo board.
July 13, 2008 2:19 a.m.
Yahoo rejects Microsoft/Icahn search and restructuring proposal.
The company confirmed the rejection of a proposal that would have included a restructuring of Yahoo with an acquisition of the search business by Microsoft.
Yahoo said the board based its rejection on less risk in its existing business plan, the preclusion of a potential sale of all of Yahoo and the replacement of the current board and top management which would destabilize the company.
The company said the Microsoft/ Icahn alliance has anything but the interests of Yahoo shareholders in mind. The board remains open to any deal that delivers full value to Yahoo shareholders and reiterated its offer to sell the entire company for at least $33 per share or to negotiate an improved search only transaction.
Nov. 5, 2008 9:41 p.m.
Yahoo CEO Jerry Yang said Microsoft's best option is to buy Yahoo.
Speaking at a conference in San Francisco, Yang says Yahoo is willing to sell, but Microsoft does not seem interested in making the purchase.
Nov. 17, 2008 8:02 p.m.
Yahoo CEO Jerry Yang to step down.
Company said its Board has initiated a search for a new CEO. Adds that Yang has decided to return to his former role as Chief Yahoo upon the appointment of his successor as CEO and will also continue to serve on the Board.
Chairman Roy Bostock, working with the independent directors and in consultation with Yang, is leading the process of assessing potential candidates and determining finalists for consideration.
Jan. 13, 2009 4:58 p.m.
Yahoo confirms naming of Carol Bartz as company's new CEO, effective immediately and will hold conference call.
Bartz has also been named to the company's board. She most recently served as chairman at Autodesk , following a 14 year stint as its CEO. Yahoo also announced that President Sue Decker has informed the board that she will resign after remaining with the company for a transitional period.
Dec. 4, 2009 5:17 p.m.
Yahoo and Microsoft finalize search agreement and remain hopeful that closing of transaction can occur in early 2010.
Yahoo and Microsoft announced that the companies have finalized and executed the definitive Search and Advertising Services and Sale agreement and License agreement in accordance with the letter agreement announced in July.
Nov. 15, 2010 4:57 p.m.
Icahn discloses holdings as of Sept. 30 in 13F filing.
Liquidates: YHOO 4.0M
Sept. 6, 2011 8:05 p.m.
Yahoo confirms that Carol Bartz is no longer CEO of the company.
The company issued a press release confirming that Carol Bartz has been removed from her role as CEO by the Board.
Board has appointed Timothy Morse as interim CEO.
Morse will continue in his role as CFO of Yahoo.
The board has also named key senior Yahoo executives to a newly formed Executive Leadership Council tasked with supporting Morse in managing the company’s day-to-day operations until a permanent CEO is appointed, as well as supporting a comprehensive strategic review that the board has initiated to position the company for future growth.
StreetAccount notes AllThingsDigital reported earlier this evening that Bartz was to be replaced as CEO.
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