Date: 04-09-2008
Yahoo! Inc has maintained its resistance to Microsoft’s hostile takeover bid of about $40 billion, reiterating that the offer is too low and undervalues the company. Yahoo! dismissed claims that its business is declining in an open letter to Microsoft. Yahoo! CEO Jerry Yang and Chairman Roy Bostock called their recent affirmation of Yahoo!’s financial forecasts “a testament to our ability to perform in line with our expectations despite the current economic environment.” They also stated that the proposal’s value has declined drastically because of Microsoft’s own declining stock price. Yahoo!’s strong response follows Microsoft Chairman Steve Ballmer’s recent statement which warned Yahoo! of a proxy fight if the two companies cannot agree to a deal within the next three weeks.
