We’ll say this much for Microsoft’s most recent letter: at least it got Yahoo talking again. Yet Jerry Yang and Roy Bostock weren’t in the most cooperative of moods when they responded this morning.
Jerry Yang
In a jointly signed response, the pair wrote, “[W]e have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders.” They later added, “We continue to believe that your proposal is not in the best interests of Yahoo! and our stockholders.”
A number comments addressed to “Steve” (“Steven A. Ballmer” is the way in which Microsoft’s CEO signed his last communication) made the response seem even less friendly.
“We regret to say that your letter mischaracterizes the nature of our discussions with you. We have had constructive conversations together regarding a variety of topics, including integration and regulatory issues. . . . Moreover, Steve, you personally attended two of these meetings and could have advanced discussions in any way you saw fit.”
It seems nothing short of more money will budge Yang and Bostock; they argued that Yahoo is performing well in spite of the economy’s questionable state, and that the company will continue to do so in the future.
Finally, the pair didn’t appear thrilled about Microsoft’s mention of a proxy contest. Yang and Bostock wrote, “We consider your threat to commence an unsolicited offer and proxy contest to displace our independent Board members to be counterproductive and inconsistent with your stated objective of a friendly transaction.”
Although the letter’s “very truly yours” complimentary closing was a nice touch, things are getting ugly out there.
