四月 06, 2008
微软最后通牒：Yahoo 必须在三周内签署收购协议
由. 固体彩虹 将文章归档于 微软
从 2 月 1 日，微软出价 446 亿美元欲收购 Yahoo（细节）之后，几经波折，Yahoo 正式拒绝微软的收购邀请，微软又回应 Yahoo 拒购声明，之间 AOL 还插了一脚，还扯上了新闻集团。并且其间，Google 像个小丑一样上蹿下跳，多方游说阻挠该笔交易，最近微软和 Yahoo 又进行了多次会晤，微软逐渐开始失去耐心。
刚才，微软再次正式致信给 Yahoo 董事会，这种猫捉老鼠的游戏，已经玩腻了，也逐渐到头了。微软给 Yahoo 下了最后通牒，三周之内 Yahoo 必须要答应微软的邀购，并且"这是唯一符合 Yahoo 董事会利益的举措"。在目前 Yahoo 股价还在不断下跌、市值贬值的情况下，选择确实并不多。
"If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board. The substantial premium reflected in our initial proposal anticipated a friendly transaction with you. If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal."
2 个月的时间在微软看起来太长了，换作是其他人，确实也会没耐心了：
"Our goal in making such a generous offer [$31/share] was to create the basis for a speedy and ultimately friendly transaction. Despite this, the pace of the last two months has been anything but speedy."
在这样的情况下，把股东利益放到台面上来，是最好的说辞：
"While there has been some limited interaction between management of our two companies, there has been no meaningful negotiation to conclude an agreement. We understand that you have been meeting to consider and assess your alternatives, including alternative transactions with others in the industry, but we've seen no indication that you have authorized Yahoo! management to negotiate with Microsoft."
同时，Yahoo 自己不争气，股价一直下滑，也不得不被微软抓住小辫子。很明显，微软就是在说，如果还不快点想卖的话，他们就会改变当初开出的那么优厚的条件了：
"During these two months of inactivity, the Internet has continued to march on, while the public equity markets and overall economic conditions have weakened considerably, both in general and for other Internet-focused companies in particular. At the same time, public indicators suggest that Yahoo!'s search and page view shares have declined. Finally, you have adopted new plans at the company that have made any change of control more costly."
虽然，Yahoo 如此的拖延，也算是给自己另找出路争取时间，不过同时也让他们自己的境况越来越糟糕，同一件事物的两面性在 Yahoo 身上体现的相当具体。纵观目前的市场和情况，虽然不少人还对微软收购 Yahoo 抱有疑问，包括在不同产品线的整合等等方面，以及即便微软邀购成功之后，还需要面对各国的反垄断审查，这也只是一个开始。但是，如果 Yahoo 没有任何实质的决定之前，一切都还是停留在起点之前。
微软很生气，后果很严重么？第三方评论再多，不如看官们自己走着瞧了。:-)
固定链接: 微软最后通牒：Yahoo 必须在三周内签署收购协议
关键词:
微软 收购 Yahoo 业界动态
引用: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/119231
