Feeds

Yang spent $79m snuffing Microhoo!

A drop in the $47.5bn bucket

Combat fraud and increase customer satisfaction

Jerry Yang and his Yahoo! cohorts didn't just reject a $47bn takeover bid from Microsoft. They spent $79 million in the process.

In a recent SEC filing, Yahoo! says that last year it shelled out $79 million to "outside advisors" as it battled multiple proposals from Steve Ballmer and company, stood up to a pro-Redmond proxy fight from Wall Street kingpin Carl Icahn, and fought for a Microsoft-shunning search ad pact with Google.

In February, Steve Ballmer bid $31 a share for Yahoo!, and when Yang turned him down, he went to $33 a share. That's a $47.5bn offer. But Yang turned that down too. Then he turned down a separate bid just for Yahoo!'s search biz.

So, Icahn launched a proxy battle in an effort to force a sale to Microsoft. He eventually backed down, but only after Yahoo! agreed to give him three board seats, including one for himself. Meanwhile, Yang and his Yahooligans inked a search ad pact with Google, the world's number one ad broker, as part of its continued efforts to fend off Icahn and Ballmer.

Ultimately, Google backed out of the deal, after the US department of justice threatened to sue the company. Google controls over 60 per cent of the search market in the US, while Yahoo! controls roughly 20 per cent. Microsoft claims the number three spot, with around 10 per cent.

When the Microhoo dust settled, Yahoo!'s share price was hovering just above $12 a share. And Yang soon quit as CEO.

In January, he was repaced by former Autodesk chief Carol Bartz. But it would appear that like Yang, Bartz would prefer to keep Yahoo! in one piece. ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.