Yahoo’s CEO and company board have pledged for several weeks now to refuse Microsoft’s semi-hostile bid, first made public in early February. They’ve stated with great conviction that the $44.6 billion cash-and-stock offer undervalues its operations, and will only seriously contemplate voluntary compliance to a buyout if Microsoft raises the number considerably. It has been widely claimed that individuals within Yahoo’s top ranks would be less opposed to an offer for the company if it were raised to around $40/share.
In the time since its announcement of its attempt to acquire Yahoo, Microsoft has remained quite adamant that the figure presented is a firm one. Even the soon-to-depart co-founder of the Redmond-based software giant, Bill Gates, has offered a public comment to the effect that his company will not add to the bounty. Today, Matthew Karnitschnig of The Wall Street Journal is reporting Microsoft’s continued resolve of its financial offer for ownership of Yahoo, and is “preparing to lay a long siege” in order to achieve the ends it seeks.
Yes, Microsoft is claiming its willingness to wait out Yahoo’s refusal for a significant period of time if need be, thinking that because a weak economy has likely driven any other possible bidders to abandon thoughts of Yahoo purchases of their own, executives in Redmond are comfortable enough to bide their time a good while longer. Microsoft may be thinking that the instability in both US-based markets and others worldwide might drive Yahoo’s board to accept the offer made earlier this year for fear of any further impending losses. Microsoft’s attempt to secure its purchase partly through a transfer of its own stock has meant that the original $44.6bn quote has in fact already diminished in value by at least a few billion as a result of a subsequent decline in its market price.
译文:
微软表示：疲软经济现状迫使雅虎接受收购
自今年二月初对外首次宣布拒绝微软提出的收购方案以后，雅虎首席执行官和公司董事层在随后的几个星期里仍然坚持宣称对微软具有半敌意性的收购方案以拒绝作为回应。雅虎坚定地声称微软以446亿美圆现金和股票的方式收购雅虎低估了他们的市营率，并表示如果微软能够相应提高他们的收购价格，雅虎才会愿意认真地考虑是否会自愿接受微软的全部收购方案。现在普遍声称如果微软能够把收购价格提高到大约每股40美圆，那么雅虎内部高层人员才不再如此坚定地反对微软收购公司的提议。
从宣布打算尝试收购雅虎到如今，微软仍旧坚硬地表示自己的出价是个固定值，不会有任何变化。即使是不久便会离开雷德蒙创立的软件巨擘公司共同创始人位置的比尔盖茨在公众发表意见后，使得我们相信他的公司是不会在这笔已经十分可观的出价上再做任何抬价。今天华尔街杂志的马休·卡尼辛内基报道说微软将继续解决收购雅虎进程中的金融出价问题，并做好了长期努力的准备，争取实现自己预期的结果。
现在疲软的经济态势导致任何可能出价的投标商都相信雅虎是没有自己收购自己的能力，所以雷德蒙的执行官员们都愿意等待一段时间，期待好时机的出现，因而微软宣称如果有需要的话，在这一重要的时间段里，他们对于雅虎的拒绝愿意做继续的等待。微软也许是在盘算当今不稳定的美国和全球其他市场的态势会逼迫雅虎董事会，因为担忧眼前可能出现的更多损失而接受今年早期微软提出的收购方案。为了能够保证收购的安全性，微软已经部分转让了自己的股票，这一举措表明随后出现的股价下跌会导致原始446亿美圆的报价在其价值上已经贬值了至少近几亿美圆。