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Microsoft's big bid for Yahoo

Microsoft's big bid for Yahoo

In Yahoo, Microsoft saw a way to make gains in the online realm. But after all the entreaties and ultimatums, the software giant wasn't able to get its way, and Yahoo remains an independent company. Tune in here for the latest.

Latest coverage

What Yahoo has, Microsoft wants, but Yahoo continues to play hard to get. Even as talks start, stop, and sputter, the two companies still face a formidable foe in Google--and many questions about what they'll do next.

Yahoo 12-month price target cut
Wall Street analyst trims company's 12-month price target to $24 a share. Meanwhile, Yahoo's stock dips as low as $17.25 in early morning trading.
September 10, 2008

Antitrust scrutiny in Yahoo-Google deal intensifies
While Google and Wall Street are betting controversial Yahoo-Google ad deal gets a green light from antitrust regulators, the level of scrutiny is rising.
August 29, 2008

Yahoo puts final coda on the Icahn battle
Frank Biondi and John Chapple join Yahoo's expanded board of directors, as part of an earlier agreement reached with Carl Icahn.
• Yahoo board sets eyes on Chapple and Biondi
August 14, 2008

Yahoo makes its Google search ad pact public
A copy of the controversial agreement--albeit a heavily redacted version--is released in an SEC filing, marking the first public unveiling of the deal's specifics.
August 8, 2008

Online marketers unhappy with Microhoo saga outcome
The Google-Yahoo-Microsoft power struggle has only made Google stronger--it now controls nearly 70 percent of search market share.
August 7, 2008

It's a done deal: Icahn on Yahoo board
Carl Icahn gets his agreed-upon board seat and a role picking his two allies. Will that discussion be as civil as Icahn and Yahoo's recent words for each other?
August 6, 2008

Recount: Shareholder approval of Yahoo board plunges
A corrected vote tally reveals dissatisfaction with Yahoo board members is much greater than thought after Friday's shareholder meeting.
August 5, 2008

Yahoo shareholders leave meeting disgruntled
Executives at the Internet pioneer are probably breathing easier now that the shareholder meeting is over. But several shareholders aren't happy with how it went.
• Disapproval eases for Yahoo board in this year's vote
August 1, 2008

Live blog: Yahoo CEO faces shareholders
Stay tuned for up-to-the-minute coverage of the expected fireworks as Jerry Yang and company answer to a crowd of dissatisfied shareholders.
• Bostock skips some key points
• Time Warner objects to Miller on Yahoo's board?
• Nut jobs galore at Yahoo's big show
August 1, 2008

Yahoo shareholders meeting a case of deja vu?
Yahoo investors are likely to get a taste of history repeating itself when they attend the company's annual shareholders meeting on Friday. Shareholder revolt, take II?
• Icahn rips WSJ, explains no-show at Yahoo meeting
• Looking ahead to Friday's meeting
July 31, 2008

Calif. AG urged to probe Yahoo-Google ad deal
State assemblyman Joel Anderson, concerned about privacy issues, wants California to join the list of states scrutinizing Yahoo's search-advertising agreement with Google.
July 29, 2008

Billionaire dumps Yahoo stake
Frustrated with the Microhoo saga, corporate raider T. Boone Pickens has sold his entire stake of 10 million shares in the Internet pioneer, according to reports.
July 29, 2008

Flickr co-founder pines for Microhoo
Stewart Butterfield, who left Yahoo earlier this month, says he wishes Microsoft's bid to acquire Yahoo had succeeded.
July 28, 2008

Microsoft's online strategy: Trust us
CEO Steve Ballmer tells financial analysts how much Microsoft expects to pour into its online effort in the coming years, but is coy when pressed on the company's strategy.
• Kevin Johnson to leave Microsoft for Juniper
July 25, 2008

Microsoft tries to one-up Google PageRank
Google's search engine fame came in part from its algorithm that rates Web pages based on links from other pages. Microsoft thinks people provide a better ranking method.
• Google explains: We're not a monopoly, not by a long shot
July 25, 2008

Ballmer: No current talks with Yahoo
A deal would have boosted the company's search query volume, something Microsoft knows it needs.
• Microsoft CFO says Yahoo a 'declining asset'
July 24, 2008

RiskMetrics recommends re-election of current Yahoo board
Yahoo wins strong endorsement from influential institutional investor advisory service RiskMetrics, which recommends the re-election of all current Yahoo directors.
• Glass Lewis advises against re-electing 3 Yahoo directors
July 24, 2008

July 21-22: Yahoo's peace accord with Icahn

A settlement puts an end to investor Carl Icahn's proxy fight--and puts Icahn himself onto an expanded Yahoo board. A day later, Yahoo reports a decline in earnings, but CEO Jerry Yang remains optimistic.

Yahoo earnings decline, miss estimates
Company's net income drops 19 percent and along with revenue misses analyst expectations for the second quarter.
• Yahoo discusses second quarter
• Will Yahoo ad business weather economic storm?
July 22, 2008

Yahoo to tap Jonathan Miller for board seat and more?
As Yahoo prepares to add investor Carl Icahn to its board, two other seats will come from his approved list. Is former AOL chief Jonathan Miller on tap to not only take a director's seat but possibly also the CEO slot?
July 22, 2008

Icahn recounts thought process behind settlement
Investor activist Carl Icahn provides a peek into why he reached a settlement with Yahoo over the weekend, ending a contentious proxy fight.
• Yang note welcomes Icahn's 'fresh perspective'
July 22, 2008

In settlement, Icahn to join Yahoo board
The activist investor, who plans to recommend two more directors and withdraw his other nominees, will be included in a board expansion to 11 members.
• Microsoft may come out winner in Yahoo-Icahn deal
• Yahoo lets fox into hen house. Now what?
• Report: Yahoo shareholder seeks compromise
July 21, 2008

Yahoo gives prime Net real estate to Icahn-bashing site
The Internet pioneer has devoted a lot of precious pixels on www.yahoo.com to its fight with Carl Icahn over control of the company.
July 18, 2008

Legg Mason: We're backing Yahoo
The investment house, which owns 4.4 percent of Yahoo stock, says it will back existing management.
• Icahn's latest lament: Et tu, Legg Mason?
July 18, 2008

Microsoft ready to lose more money online
Software maker says online market is too juicy to pass up, but any real gains in revenue won't be immediate. Profits are even further off.
• Microsoft earnings don't wow
• What Microsoft has to say for itself
• Microsoft testing self-serve Adsense rival
July 17, 2008

Who knew? Yahoo finally grew a pair
Forget mild-mannered Clark Kent. Yahoo busts open its inner Man of Steel and lays it on the line to Carl Icahn and Steve Ballmer. Now we're talking.
• New Yahoo filing. A lot like the old Yahoo filing
• Yahoo letter to shareholders
July 17, 2008

Yahoo, Microsoft step up AOL discussions
Both are accelerating their respective deal-making talks with Time Warner's AOL, as Yahoo heads toward a proxy battle that threatens its current board.
• Yahoo's declining share price a drag on Icahn's proxy fight?
July 16, 2008

Yahoo takes defense of Google ad deal to Capitol Hill
Politicians questioned Google, Yahoo, and Microsoft over the antitrust implications of an advertising deal, which would make a purchase of Yahoo up to $250 million more expensive.
• The backstory on Senate's Google-Yahoo hearing
• Did Google's lawyer reveal too much?
• YouTube gadget soon scorned on Capitol Hill?
July 14, 2008

States reviewing Yahoo-Google search ad deal
Attorneys general from a collection of states are reviewing the search advertising agreement between the two Internet giants for possible antitrust violations.
• Selling the suckers on Google-Yahoo
• Yahoo-Google deal could raise ad costs by double digits
July 14, 2008

July 7-14: The Icahn-Microsoft alliance

A new wrinkle develops as Microsoft says it sees some promise in Carl Icahn's bid to install a new board of directors at Yahoo, though maybe just to acquire the company's search operations. Yahoo rebuffs the advances.

Icahn, Yahoo dispute benefits of Microsoft search offer
While Microsoft improved the terms on search revenues it would pay Yahoo, compared with its initial offer last month, the search pioneer finds the guarantees lacking.
• Microsoft enters Yahoo-Icahn fight to 'set record straight'
• Yang to employees: Expect Icahn battle to heat up
July 14, 2008

Icahn to run slate of nine for Yahoo board
Following the nixed weekend bid in tandem with Microsoft, the billionaire investor launches a formal quest to replace Yahoo's board.
• Icahn letter: Clean-sweep plan
July 14, 2008

Yahoo rejects joint Microsoft-Icahn bid
Yahoo rejects a joint-buyout proposal by Microsoft and investor activist Carl Icahn, which called for the sale of only Yahoo's search business.
• Yahoo search deal boost as big as a bread box?
• Icahn applies Oracle-BEA playbook to Microhoo bid
• Yahoo to MS: Drop the nudnik, maybe we do a deal
July 13, 2008

History provides some insight on Microhoo
Although deals can break on dollars and sense, it often comes down to people and the chemistry between the principals.
• Yahoo's Yang throws jabs at Microsoft and Icahn
July 9, 2008

Legg Mason suggests $33 a share for Yahoo
Portfolio manager Bill Miller says it would take a bid of at least $33 a share if Carl Icahn wants more shareholders to side with him in his proxy contest.
July 9, 2008

Icahn also fighting clock in Yahoo board challenge
Investor activist Carl Icahn gets an encouraging sign from Microsoft but has yet to outline his challenge for Yahoo's board of directors.
July 8, 2008

Icahn, Microsoft ready for action on Yahoo
The call goes out for Yahoo investors to oust the current board and elect Carl Icahn's dissident slate instead. Microsoft says yeah, we'd talk with a new board.
• Microsoft's letter
• Icahn's letter
• Yahoo's response
July 7, 2008

Icahn and Ballmer plot Yahoo overthrow
Just days ago, Bill Gates said it was unlikely Microsoft would make any kind of deal with Yahoo. Now Redmond is talking with Carl Icahn to replace Yahoo's board to pave the way for a deal.
• It's time for Jerry Yang to step aside
July 7, 2008

Yahoo shares jump on latest Microsoft report
The stock price is up in early trading, following a Wall Street Journal report that Microsoft may be seeking partners to make another run at Yahoo's search operations.
• Microsoft said to be seeking partners for new Yahoo bid
July 2, 2008

Justice Department to review Google-Yahoo deal
The federal law enforcement agency is preparing to send out document requests to third parties as part of its investigation into the companies' advertising deal.
• FAQ: Antitrust eyes on Yahoo-Google ad deal
July 1, 2008

Yahoo shares come nearly full circle
The company's shares had been riding high through much of the turmoil of Microsoft's pursuit. Now they're pretty much back where they started.
July 1, 2008

It's official: Microsoft acquires Powerset
As expected, Redmond scoops up semantic search start-up Powerset. It's not Yahoo search, but it brings in some compelling technology.
• Microsoft to buy Powerset
July 1, 2008

Yahoo unveils timeline of failed Microsoft talks
The company is hoping to woo investors to its side with a presentation filed with Securities and Exchange Commission.
June 30, 2008

June 19-26: Shedding execs, Yahoo reorganizes

One by one, and in quick succession, some of Yahoo's top executives have been abandoning ship. Then, toward the end of the month, the company formalizes a new executive structure with a shift to three main teams.

Yahoo reorg centralizes power
A shift to three main teams is aimed to improve products and speed decision-making. Jerry Yang and Sue Decker are still in charge.
• Yahoo tries going on the offensive
• Yahoo's reorg mapped out
June 26, 2008

Yahoo looking to unleash its cloud computing infrastructure
Yahoo CTO Ari Balogh says that much like Amazon's EC2 and Google's App Engine, Yahoo could offer infrastructure services.
June 26, 2008

After Yahoo reorg, will Microsoft go to Defcon 1?
Yahoo buys itself valuable time, but now the countdown really begins: is real change in store and will Steve Ballmer return to the negotiating table?
• Report: Microsoft might get more Yahoo for less
• Suddenly Jerry Yang needs Microsoft
June 26, 2008

Icahn battles for Yahoo's gold
The billionaire files his proxy statement, urging shareholders to send in the gold-colored ballot and vote for his slate of directors. (It's white for Yahoo's current board.)
June 26, 2008

Microsoft's Yahoo strategy: Betting on Yang
If the company is going to do a partial deal for Yahoo's search business, the thinking is that it will be easier to hammer out an accord while Jerry Yang is still in charge.
June 25, 2008

Yahoo defends Google deal
The company issues letter defending its Google deal, but a source cautions not to take this as a sign the latest talks with Microsoft are off.
June 25, 2008

Microsoft talking deal, not buy, with Yahoo
The two companies are once again on speaking terms, though several sources tell News.com that an outright purchase is not on the table.
• Yahoo gears up for investor road show
June 24, 2008

Yahoo and Microsoft: Is it on again?
There are signs of a new willingness within Yahoo's board for another try to work out a deal. Meanwhile, Jerry Yang remains out of sight.
• Microsoft's Kevin Johnson on Yahoo
June 23, 2008

Executive exodus leaves Yahoo in a pickle
The departures, which likely will concentrate power in fewer hands at the Internet company, mean loss of experience but the potential for a fresh start.
June 20, 2008

Icahn set to release his final Yahoo slate
Final version of the billionaire's proxy will indicate whether he will seek majority control of the Internet company's board.
June 20, 2008

Rough seas for Yahoo as natives abandon ship
Yahoo isn't quite a sinking ship, but it is beginning to list prominently as the executive exodus turns into a parade.
• Three more top execs leaving Yahoo; reorg coming
• Delicious founder leaves Yahoo
• Yahoo evangelist moving to Craigslist
• Microsoft looks to nab Yahoo workers
• Jerry Yang as Henry V? That's his choice
June 19, 2008

Court nixes expedited trial on Yahoo severance plans
Delaware court denies an expedited Yahoo trial on the company's controversial employee severance plans, prior to the annual shareholders meeting.
June 16, 2008

Activist shareholder calls for Icahn-Yahoo slate
Eric Jackson calls for Carl Icahn's dissident slate of directors to take minority representation on Yahoo's board--a "third option" he says would settle large investors' worries.
• Icahn finds merit in Yahoo-Google deal
June 16, 2008

Yahoo's Jerry Yang on a very hot seat
In the aftermath of Yahoo aligning with Google rather than Microsoft, Jerry Yang is taking a beating. But it's Yahoo's board of directors that should be called to account.
• The Yahoo + Google - Microsoft spin room
June 15, 2008

June 12-13: Microsoft drops its bid

Redmond says "unequivocally" that it is no longer interested in Yahoo even at the $33 a share that it previously was willing to pay, and Yahoo decides that a search-only deal with Microsoft is not in its best interest.

Microsoft: We only wanted to buy Yahoo if quickly
Following Yahoo's decision to go with Google, Microsoft's Kevin Johnson explains in a memo why it was no longer willing to buy all of Yahoo.
• Microsoft officially unhappy with Yahoo-Google deal
• Microsoft's Yahoo search bid worth billions
June 13, 2008

The battle for Yahoo's soul
Yahoo CEO and founder Jerry Yang bleeds purple. Carl Icahn and some Yahoo shareholders want his purple blood. Dan Farber chronicles the battle for Yahoo's soul.
• Now it's all on Jerry Yang's shoulders
June 13, 2008

Analysts don't rule out a Microsoft-Yahoo deal just yet
Despite Yahoo's formal announcement that buyout talks with Microsoft are kaput, analysts are skeptical, as shares continue to fall amid the announcement of a search ad deal with Google.
June 13, 2008

Google-Yahoo deal good news for IM, but...
Tucked into the Yahoo-Google ad agreement is a deal to bridge instant-messaging services. That's great news for IM, but it doesn't fix underlying flaws of online chat.
June 13, 2008

Microsoft's last offer to Yahoo
Software maker was willing to buy Yahoo's search business and offered to buy a 16 percent stake at $35 a share--above the price it offered when it was trying to get all of Yahoo.
• Yahoo: Microsoft doesn't want us anymore
• Yahoo-Google: Microsoft left searching
June 12, 2008

Carl Icahn to drop Yahoo proxy fight post Microsoft pullout?
With talks between Yahoo and Microsoft called off, don't expect investor activist Carl Icahn to drop his proxy fight against the Internet search pioneer, said one source familiar with the billionaire investor.
June 12, 2008

Yahoo inks search-ad pact with Google
Google will supply Yahoo with search ads in a partnership Yahoo believes will raise revenue by $800 million in its first year--but that also could give more power to Google.
• Google: Yahoo pact 'preserves' competition
• Yahoo to announce reorg, Google ad deal
June 12, 2008

Top network exec leaving Yahoo
Jeff Weiner, who runs much of Yahoo's search and many other core products, is leaving the company, CNET News.com has confirmed.
June 12, 2008

June 3-11: Icahn turns up the heat

Yahoo and activist investor Carl Icahn jab, parry, and counterpunch in a series of missives over Yahoo's leadership, its poison pill plan, and its deal-making savvy.

Icahn: Yahoo board may be 'personally liable'
Yahoo's directors may be on the hook for approving a controversial and potentially expensive employee-severance plan, the billionaire investor contends.
• Yahoo to ask for dismissal of amended shareholder suit
• Yahoo to lose network exec Jeff Weiner?
June 11, 2008

Yahoo dishes up FAQ on its employee severance plans
The company tells its employees the "that's nuts" comment made by its outside compensation consultant was no reflection of Yahoo's severance package.
June 10, 2008

Shareholders seek to repeal Yahoo severance plans
The investors are looking to invalidate a controversial employee severance package prior to the company's August 1 shareholders meeting.
• Yahoo files proxy, road show can begin
June 10, 2008

Yahoo-Microsoft partial deal not imminent
The Internet company is exploring the antitrust ramifications of a partial search sale or partnership with Redmond--but a deal is not close at hand, sources say.
June 9, 2008

Icahn: More scathing questions for Yahoo
Among other things, the activist investor wants Chairman Roy Bostock to share his time sheets, and wonders what the plan was while Google left Yahoo "in the dust."
June 9, 2008

Icahn sets price tag for Yahoo
The per-share price is one of two nifty nuggets in the latest saber-rattling letter to Yahoo's chairman. The other: Jerry Yang can stay after all--just not as CEO.
June 6, 2008

Icahn lays out five-point game plan for Yahoo
The bickering continues as Carl Icahn hits familiar points: nix the poison pill, depose Jerry Yang as CEO, and just sell to Microsoft already.
• Next up, Yahoo's dog-and-pony investor show
June 6, 2008

Yahoo rebuts Icahn: You have no plan
Yahoo Chairman Roy Bostock lashes back at Carl Icahn, saying the investor misinterprets facts and has no plan beside selling the company to Microsoft.
• Icahn in dilemma over Yahoo severance plans
June 4, 2008

Icahn to Yahoo: Nix the poison pill, now
In a letter to board chairman Roy Bostock, the investor activist roars about Yahoo's "insulting" and "deceitful" actions regarding its severance plan.
• Icahn says Yahoo's not telling the truth about 'Microhoo'
• Video: Why Carl Icahn's taking aim at Jerry Yang
June 4, 2008

Yahoo president discusses growth plans, Microsoft
During CNBC's Power Lunch, Sue Decker talks about the company's performance and what it would take to do a deal with Redmond or any other party.
June 4, 2008

Yahoo touts ad deals, joins CBS video network
Online giant signs new ad accords with retail giant Wal-Mart and ad agency Havas Digital, and signs on as a CBS online video distribution partner.
• Yahoo opens address book interface
June 4, 2008

Yahoo sets shareholders meeting for August 1
In the coming weeks, investors will be deluged with competing proxy cards from Yahoo and Carl Icahn, as each side pooh-poohs the other's material and lets the barbs fly.
June 3, 2008

Icahn fight could spur Yahoo's severance plan
Billionaire investor's proxy slate may get saddled with Yahoo's controversial employee severance plan. Icahn, meanwhile, is said to be calling for Jerry Yang's ouster.
• Yahoo fails to keep pay plan details secret
June 3, 2008

Yang and Decker defend Yahoo's honor
At the D6 event, Yahoo's top two execs come out of their serial and secretive negotiations with Microsoft and Google to shed light on the future of their company.
• Video: Yahoo's Yang on the hot seat
• Murdoch on Microhoo: 'I'm mystified'
• Reuters CEO: Microsoft, Yahoo need each other
May 28, 2008

The lull in Icahn's proxy fight
The billionaire investor has been mostly quiet since unveiling his dissident slate to run against Yahoo's board. Should investors be worried?
• Gates on Yahoo: It's up to Steve
May 28, 2008

What Ballmer really meant to say in Moscow
In support of the CEO's recent remarks, Microsoft officials say acquiring Yahoo has always been part of "a" strategy, and not "the" strategy.
• Ballmer: Yahoo was 'never the strategy'
• Yahoo investors could get final say on a search sale
May 23, 2008

May 15-22: Building toward a boardroom battle

The saga takes a new twist as Carl Icahn, a billionaire investor known for his shareholder activism, steps in with a dissident slate of directors and a wealth of experience in proxy fights. Yahoo's July 3 shareholder meeting, meanwhile, gets delayed as a board member resigns.

Yahoo board member resigns, shareholder meeting delayed
Edward Kozel has resigned, citing personal reasons. The company also says it's delaying its annual shareholders meeting until late July.
• Google co-founder pushes for Yahoo ad deal
• Shareholder lawsuits to expose Yahoo severance plan?
• Hedge fund, corporate raider Pickens sign onto Icahn battle
May 22, 2008

Playing out Microsoft's online strategy
Latest rumor is that it could sign a search ad deal this week with Yahoo to thwart Google, acquire Yahoo as pressure mounts from shareholders, then acquire Facebook.
• A new wrinkle: Microsoft could take 'minority, passive stake' in Yahoo
May 19, 2008

Microsoft and Yahoo re-enter negotiations
Microsoft says it has issued another proposal to Yahoo, this one calling for an acquisition of some but not all of Yahoo's assets.
• MS to Yahoo: Never say never
• Kevin Johnson's letter on updated online strategy
May 18, 2008

Yahoo tries to conceal lawsuit documents
Suing shareholders and Yahoo disagree about whether information on the company's employee severance plan should be public.
• Yang issues letter to troops as proxy battle looms
May 16, 2008

Yahoo investors begin to weigh in on Icahn proxy fight
Major investor gets behind billionaire investor Carl Icahn's attempt to take over Yahoo's board.
• Yahoo responds to Icahn
• Will Microsoft make a return bid?
May 15, 2008

Carl Icahn's gang of 10
Billionaire investor's crew for the Yahoo proxy fight features Mark Cuban and a pair of names linked to Microsoft's dissident slate.
• Biting the hand that feeds you: Cuban vs. Yahoo
• Icahn's solid record in proxy fights
• Adios, Amateur Hour. The Big Dog marks his turf
May 15, 2008

Icahn launches Yahoo proxy fight, may boost stake by $2.5 billion
Billionaire shareholder activist Carl Icahn announces a 10-member proxy slate and is seeking antitrust clearance to acquire up to another $2.5 billion in Yahoo shares.
• Yahoo shareholder Jackson bows out of proxy fight
• Microsoft proxy slate free to go
• Will Yahoo investors be successful in launching proxy fight? Not likely
May 15, 2008


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