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Ballmer threatens to oust Yahoo's board

By David Worthington

April 7, 2008 — (Page 1 of 3)
In a sharply worded letter to Yahoo's board of directors, Microsoft CEO Steve Ballmer threw down the gauntlet last weekend and threatened a hostile takeover, with an explicit warning not to let a three-week window of opportunity for a friendly transaction pass. But Yahoo, playing a classic defensive strategy, may force Microsoft to open its wallet in a true full-court press.

In the April 5 letter, Ballmer bemoaned what he deemed the unsatisfactory pace of negotiations since Microsoft made its US$44.6 billion proposal to acquire Yahoo at the end of January. Yahoo’s management, led by CEO Jerry Yang, has urged shareholders to reject the proposal, and Yahoo’s board formally declined the offer on Feb. 11, saying that it undervalued the company.

Ballmer’s chief complaints are the “limited interaction” between the management of the two companies since the offer and the lack of substantive progress toward a transaction.

Ballmer stated, “Now is the time for our respective companies to authorize teams to sit down and negotiate a definitive agreement on a combination of our companies.” He set a three-week deadline for that to happen and threatened to initiate a proxy contest to elect an “an alternative slate of directors for the Yahoo Board” if it did not come to the table.

Directions on Microsoft analyst Greg DeMichillie commented that it was in Microsoft’s best in interest to wrap the deal up quickly. The longer it takes to conclude, he said, the more Yahoo’s best and brightest engineers will depart the company, adding that a friendly deal would allow Microsoft to more easily identify the elite among those who remain.

Yahoo’s board struck back at Ballmer’s claims in a letter sent out today. The board accused Ballmer of mischaracterizing the nature of its discussions with Microsoft and noted that the companies have had “constructive conversations” about integration and regulatory issues.

The letter went on to turn the tables on Ballmer, revealing that Microsoft has failed to supply Yahoo with information it requested on March 28 about anti-trust and regulatory issues associated with the transaction.

Related Search Term(s): Microsoft, Yahoo

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Microsoft: Yahoo deal possible with Icahn
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