Jerry Yang Sends Letter to Stockholders Regarding Microsoft Bid
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After the Yahoo! Board of Directors reviewed and rejected Microsoft’s unsolicited proposal earlier this week, Jerry Yang, Yahoo! founder and CEO detailed to stockholders in a letter the exact reasons why.
On February 1, 2008, Microsoft made an unsolicited proposal to acquire your company. As much has been reported in the press recently, I wanted to reach out to you personally to let you know why your Board of Directors, after a careful review by Yahoo!’s management along with our financial and legal advisors, believes that Microsoft’s proposal substantially undervalues Yahoo! and is not in the best interests of our stockholders.
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