MS To Pursue Yahoo! Bid
New York, February 12 - Microsoft Corp, the world’s largest software firm whose $44.6 billion takeover bid was rejected by Yahoo! yesterday, said it will move ahead with its offer for the internet major.
Yahoo! had said its board rejected the offer as it undervalued the company.
Replying to it, Microsoft said in a statement that it was offering shareholders of Yahoo! a superior value and the opportunity to participate in the upside of the combined company.
According to the statement, the combination would create a more competitive marketplace by establishing a compelling number two competitor for Internet search and online advertising.
“It is unfortunate that Yahoo! has not embraced our full and fair proposal to combine our companies. Based on conversations with stakeholders of both the companies, we are confident that moving forward promptly to consummate a transaction is in the best interests of all parties,” Microsoft said.
“The Yahoo! response does not change our belief in the strategic and financial merits of our proposal. As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo! shareholders are provided with the opportunity to realise the value inherent in our proposal,” it said.
Spread the word: related/bookmark it/readit
