
MS to press Yahoo bid despite rejections
Microsoft has pledged to continue its takeover bid for Yahoo, calling the Internet firm's rejection of the $44 billion offer "unfortunate", but the software giant did not signal what steps it would take to pursue the deal.
In a statement, the world's largest software company said it would "pursue all necessary steps" to get the proposal in front of Yahoo shareholders and "consummate a transaction".
"We are offering shareholders superior value and the opportunity to participate in the upside of the combined company," Microsoft said in its statement. "The combination offers an exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market."
Microsoft declined to state whether it would change the financial terms of its bid, which calls for Yahoo shareholders to get $31 per share, half in stock and half in cash.
Earlier on Monday, Yahoo rejected the takeover bid by Microsoft, arguing that it "substantially undervalues" the Internet company and was not in the interests of its shareholders.
Microsoft's original offer of $31 per share represented a premium of 62 per cent over Yahoo's market valuation. The official rejection came amid company leaks that said Yahoo would not even start negotiating with Microsoft unless the bid was raised to at least $40 per share, for a deal value of more than $50 billion.
Yahoo made the decision to rebuff the offer at a special board meeting held on Friday. The company said its board of directors was evaluating all of its future options, which media reports said could include a merger with Internet service AOL.
"After a careful evaluation, the board has unanimously concluded that the proposal is not in the best interests of Yahoo and our stockholders," Yahoo founder and Chief Executive Officer Jerry Yang said in a company-wide email on Monday.
"Of course, the board of directors is continuously evaluating all of its strategic options in the context of the rapidly evolving industry environment, and we remain committed to pursuing initiatives that maximise value for stockholders."
The takeover offer came as Yahoo's slowing rate of growth drove the company's stock price to a five-year low, and Yahoo last month said it was cutting some 1,000 jobs. Yang said that the company's strategy to reverse the decline is set to kick into high gear.
"We are putting in place the pieces we need to accelerate growth by becoming a leading starting point for users and the must-buy for advertisers," said Yang, citing among other factors Yahoo's global brand strength, investment in new advertising technologies and leading position in mobile-phone websites.

Reliance partners with Google, Facebook for digital payment network bid
- Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms

ByteDance to hire 13k new employees, explore China's education technology

Texas’s power market is $1.3 billion short after energy crisis

McDonald's to sell part of its artificial intelligence start-up

Mukesh Ambani is again richest Asian as China’s Zhong loses $22 billion

Weekly wrap: After early surge, gold prices fall for last 3 days
- Gold set off to a brighter start at the beginning of the week as the price of the precious metal went up by ₹278 to ₹46,013 per 10 grams on Monday.

RBI in favour of retaining inflation target for 5 years

Telecom sector revenues back at pre-Jio levels

Indian shares crash as panic grips bond, global markets

India out of recession as GDP expands 0.4% in Q3

'Hit by double whammy of low growth, high inflation': Cong on economy's state

India's NSE defends reopening market after exchange's shutdown

Oil slumps with wider markets, denting record start to 2021

Reliance Jio launches new unlimited plans to usher in '2G-mukt Bharat'
- According to the plan, new users will get a JioPhone device, unlimited voice calls and data (2GB high-speed data every month) for two years at ₹1,999.
