In a press release from Microsoft, Steve Balmer states that the company will be going directly to Yahoo’s shareholders with their offer, and also to start an election for the board of directors – if the search engine doesn’t respond in 3 weeks. Also within the press release Microsoft are basically stating that their offer will be less if this happens.
In the press release, Microsoft say that due to the stats, Yahoo’s value is actually on the decline which makes Microsoft’s offer even better for the takeover of the company and the shareholders. Microsoft also state the “friendliness” of their original offer, quote, “The substantial premium reflected in our initial proposal anticipated a friendly transaction with you.”
So it’s basically 11.59pm for Yahoo and they have to decide immediately what they want to happen before the day is up. Microsoft are putting no more on the table, and to the contrary will take away if the 3 weeks go by without a response. And to sum up where Microsoft think this deal needs to go, the last sentence reads, “We think it is critically important not to let this window of opportunity pass.” Read the full press release here.