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Yahoo.com and Microsoft.com shareholders unhappy
5-14-2008 |
Yahoo chief executive Jerry Yang is facing questions from shareholders over the aborted takeover by Microsoft, while investors in the software giant are reportedly also discontented with how the acquisition attempt was handled. |
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According to the Guardian, Yahoo chief executive Jerry Yang and his Microsoft
counterpart, Steve Ballmer, are attracting criticism from investors over the
deal that never was.
Mr Ballmer is perceived by some to have failed to
gauge support for the takeover among shareholders, leaving him with an
unpleasant surprise when Microsoft's price fell by $25 billion following the
launch of to $31 (£15) per share initial offer - leaving the industry leader
with no choice but to up its offer to $33 per share.
Eric Jackson, an
activist hedge fund manager, told the newspaper that Mr Yang was not
representing his investors' wishes when he asked for more from
Microsoft.
"What I have heard, though, universally, is disbelief and
anger at his arrogance and disconnection from reality," he
said.
Meanwhile, the Internet Advertising tie-up pilot between Yahoo and
Google was pronounced a success by Google chief executive officer Eric Schmidt
at a meeting in California last week.
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