360° Coverage Yahoo's Response to Microsoft's Bid Withdrawal
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Yahoo's Response to Microsoft's Bid Withdrawal
May 4 2008, 2:28am CDT | by Luigi Lugmayr
As reported earlier, Microsoft has withdrawn their bid to acquire Yahoo. A couple hours after the announcement Yahoo issued this statement.
Roy Bostock, Chairman of Yahoo! Inc. said: "We remain focused on maximizing shareholder value and pursuing strategic opportunities that position Yahoo! for success and leadership in its markets. From the beginning of this process, our independent board and our management have been steadfast in our belief that Microsoft’s offer undervalued the company and we are pleased that so many of our shareholders joined us in expressing that view. Yahoo! is profitable, growing, and executing well on its strategic plan to capture the large opportunities in the relatively young online advertising market."
Jerry Yang, co-founder and chief executive officer, Yahoo! Inc. added, "I am incredibly proud of the way our team has come together over the last three months. This process has underscored our unique and valuable strategic position. With the distraction of Microsoft’s unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history so that we can maximize our potential to the benefit of our shareholders, employees, partners and users."
Yahoo said also that the company posted solid results for the first quarter of 2008 and increased full year 2008 operating cash flow outlook reflect the progress the company is making.
Now maybe Yahoo has time to focus on itself again and turn things around.
Via this Yahoo press-release.
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Luigi Lugmayr
Luigi Lugmayr (Google) is the founding chief Editor of I4U News and brings over 15 years
experience in the technology field to the ever evolving and exciting
world of gadgets. He started I4U News back in 2000 and evolved it into
vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.
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