Microsoft has officially withdrawn its bid to acquire Yahoo in a letter that Microsoft’s CEO Steve Ballmer sent today to Yahoo’s Jerry Yang. Microsoft已正式撤回其收购雅虎在一封信中说,微软的首席执行官史蒂夫巴尔默发送今天雅虎的杰里杨。
In a final meeting that took place today between Jerry Yang and David Filo from Yahoo and Steve Ballmer and Steve Johnson from Microsoft, Yahoo stated that the lowest price they would accept was $37 per share and Microsoft reported that they would not go over $33 a share. 在最后一次会议今天发生之间的杰里杨和大卫费罗从雅虎和史蒂夫巴尔默和史蒂夫约翰逊从微软 , 雅虎表示,最低价格,他们将接受是37美元每股和Microsoft报告说,它们不会超过33元,每股。 The offer was withdrawn shortly after during a phone call conversation between the CEOs. 要约被撤回后不久,在一次电话交谈之间的地球观测卫星委员会。
Letter from Steve Ballmer to Jerry Yang: 信由史蒂夫巴尔默向杰里杨:
May 3, 2008 2008年5月3日
Mr. Jerry Yang 先生杰里杨
CEO and Chief Yahoo 行政总裁及行政雅虎
Yahoo! 雅虎! Inc. 公司
701 First Avenue 701第一大道
Sunnyvale 桑尼维尔 , , CA CA台湾 94089 94089
Dear Jerry: 亲爱的杰里:
After over three months, we have reached the conclusion of the process regarding a possible combination of Microsoft and Yahoo!. 经过3个月,我们已得出结论的过程中就可能相结合的微软和雅虎。
I first want to convey my personal thanks to you, your management team, and Yahoo!’s Board of Directors for your consideration of our proposal. 首先,我要传达我个人的感谢您,您的管理团队,而且雅虎奇摩的董事局为您考虑我们的建议。 I appreciate the time and attention all of you have given to this matter, and I especially appreciate the time that you have invested personally. 我很欣赏的时间和注意所有的你有考虑到这件事,我特别欣赏的时间,你有投资的个人。 I feel that our discussions this week have been particularly useful, providing me for the first time with real clarity on what is and is not possible. 我觉得我们的讨论在本星期已特别有用,我提供为第一次与真正的清晰,对什么是和是不可能的。
I am disappointed that Yahoo! 我感到失望的Yahoo ! has not moved towards accepting our offer. 没有移向接受我们提供的。 I first called you with our offer on January 31 because I believed that a combination of our two companies would have created real value for our respective shareholders and would have provided consumers, publishers, and advertisers with greater innovation and choice in the marketplace. 首先,我所谓的您与我们的提供上月31日,因为我认为,结合我们两家公司将创造真正的价值,为我们各自的股东,并会提供了消费者,出版商,和广告客户有更大的创新和选择,在市场上。 Our decision to offer a 62 percent premium at that time reflected the strength of these convictions. 我们决定提供62 %的溢价,在当时的所反映的力量,这些被定罪。
In our conversations this week, we conveyed our willingness to raise our offer to $33.00 per share, reflecting again our belief in this collective opportunity. 在我们的交谈,这周,我们转达,我们愿意以提高我们提供33.00美元每股,再次反映了我们的信念,在这集体的机会。 This increase would have added approximately another $5 billion of value to your shareholders, compared to the current value of our initial offer. 这会增加,增加了大约另一个50亿美元的价值,您的股东相比,目前的价值,我们的初步提供。 It also would have reflected a premium of over 70 percent compared to the price at which your stock closed on January 31. 它也将反映了保费超过70 %相比,价格贵收盘于一月三十一日。 Yet it has proven insufficient, as your final position insisted on Microsoft paying yet another $5 billion or more, or at least another $4 per share above our $33.00 offer. 但它已经证明不足,由于你最后的立场,坚持对微软的又一支付50亿美元或以上,或至少另一个4元每股以上我们33.00美元提供。
Also, after giving this week’s conversations further thought, it is clear to me that it is not sensible for Microsoft to take our offer directly to your shareholders. 此外,经过这一周的谈话进一步的思考,这是我很清楚,这是不理性的Microsoft采取我们提供直接向您的股东。 This approach would necessarily involve a protracted proxy contest and eventually an exchange offer. 这种做法一定会涉及一个长期代理权争夺,并最终提供一个交流。 Our discussions with you have led us to conclude that, in the interim, you would take steps that would make Yahoo! 我们的讨论与你有使我们断定,在此过渡期间,你们将采取步骤将使雅虎! undesirable as an acquisition for Microsoft. 不可取,因为收购的Microsoft 。
We regard with particular concern your apparent planning to respond to a “hostile” bid by pursuing a new arrangement that would involve or lead to the outsourcing to Google of key paid Internet search terms offered by Yahoo! 我们认为,与特别关注您的明显的规划,以回应“敌对”出价推行的一项新安排,将涉及或导致外包给Google的关键支付的互联网搜索字词所提供的Yahoo ! today. 今天。 In our view, such an arrangement with the dominant search provider would make an acquisition of Yahoo! 在我们看来,这样的安排,与占主导地位的搜索服务提供商将作出收购的Yahoo ! undesirable to us for a number of reasons: 是不可取的,我们为有几个原因:
— First, it would fundamentally undermine Yahoo!’s own strategy and long-term viability by encouraging advertisers to use Google as opposed to your -首先,它会从根本上破坏了雅虎自身的战略和长期生存能力,鼓励广告客户使用G oogle作为反对您的 Panama 巴拿马 paid search system. 付费搜索系统。 This would also fragment your search advertising and display advertising strategies and the ecosystem surrounding them. 这也将片段,您的搜索广告和显示广告策略和他们周围的生态系统。 This would undermine the reliance on your display advertising business to fuel future growth. 这会破坏依赖于您的显示广告业务,以燃料未来的成长。
— Given this, it would impair Yahoo’s ability to retain the talented engineers working on advertising systems that are important to our interest in a combination of our companies. -鉴于此,它会损害雅虎的能力,保留人才,工程师的工作对广告系统,是重要的,我们的兴趣,结合我们公司。
— In addition, it would raise a host of regulatory and legal problems that no acquirer, including Microsoft, would want to inherit. -此外,它会引起一系列的规章制度和法律问题,没有收购,其中包括微软,将要继承。 Among other things, this would consolidate market share with the already-dominant paid search provider in a manner that would reduce competition and choice in the marketplace. 除其他事项外,这将巩固市场份额,已经主导的付费搜索供应商的方式,这将减少竞争和选择,在市场上。
— This would also effectively enable Google to set the prices for key search terms on both their and your search platforms and, in the process, raise prices charged to advertisers on Yahoo. -这也将有效地启用G oogle设定的价格为主要的搜索字词都他们和您的搜索平台,在这个过程中,提高价格,收取广告客户的雅虎。 In addition to whatever resulting legal problems, this seems unwise from a business perspective unless in fact one simply wishes to use this as a vehicle to exit the paid search business in favour of Google. 此外,无论所造成的法律问题,这似乎是不明智的从商业的角度来看,除非在事实上,一只是希望以此为车辆退出付费搜索业务在赞成的Google 。
— It could foreclose any chance of a combination with any other search provider that is not already relying on Google’s search services. -它可以预先的任何机会的组合与任何其他搜索服务提供商,这不是已经依赖于G oogle的搜寻服务。
Accordingly, your apparent plan to pursue such an arrangement in the event of a proxy contest or exchange offer leads me to the firm decision not to pursue such a path. 因此,当您明显的计划追求这样的安排,在活动的一个代理权争夺或交换,提供线索,我公司决定不追求这样的一个路径。 Instead, I hereby formally withdraw Microsoft’s proposal to acquire Yahoo!. 相反,我在此正式退出微软的建议,获得雅虎。
We will move forward and will continue to innovate and grow our business at Microsoft with the talented team we have in place and potentially through strategic transactions with other business partners. 我们将向前迈进,并会继续以创新和扩充,我们的业务在微软与人才团队,我们在的地方,并可能通过战略性交易与其他商业伙伴。
I still believe even today that our offer remains the only alternative put forward that provides your stockholders full and fair value for their shares. 我仍然相信,即使到了今天,我们提供的仍然是唯一的办法提出了规定,你们的股东进行充分和公平的价值,其股份。 By failing to reach an agreement with us, you and your stockholders have left significant value on the table. 未能达成一项协议,与我们,您和您的股东已留下了很大的价值放在桌上。
But clearly a deal is not to be. 但显然是一个处理是并非如此。
Thank you again for the time we have spent together discussing this. 再次感谢你对时间,我们花了一起讨论这个。
Sincerely yours, 您诚挚的,
/s/ Steven A. Ballmer /秒/史蒂芬巴尔默
Steven A. Ballmer 史蒂芬巴尔默
Chief Executive Officer 总行政主任
Microsoft Corporation 微软公司
Press Release: 新闻公报:
REDMOND 雷德蒙 , , Wash. 华盛顿州 , May 3 — Microsoft Corp. (Nasdaq: MSFT) today announced that it has withdrawn its proposal to acquire Yahoo! 五月三日-微软公司(纳斯达克交易代码: M SFT)的今天宣布,该公司已撤回其提案获得的Y ahoo! Inc. (Nasdaq: YHOO). 公司( Nasdaq : YHOO )的。
“We continue to believe that our proposed acquisition made sense for Microsoft, Yahoo! “ 我们继续相信我们的收购建议作出的意识,为微软,雅虎! and the market as a whole. 和市场作为一个整体。 Our goal in pursuing a combination with Yahoo! 我们的目标是在追求结合的Yahoo ! was to provide greater choice and innovation in the marketplace and create real value for our respective stockholders and employees,” said Steve Ballmer, chief executive officer of Microsoft. 是提供更多的选择和创新,在市场上创造的实际价值,为我们各自的股东和雇员表示, “史蒂夫鲍尔默,总行政主任的Microsoft 。
“Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo! “尽管我们尽了最大努力,包括提高我们的出价由50亿美元左右,雅虎! has not moved toward accepting our offer. 没有走向接受了我们的提供。 After careful consideration, we believe the economics demanded by Yahoo! 经过审慎考虑,我们认为,经济学所要求的Yahoo ! do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal,” said Ballmer. 这样做是没有意义的对我们来说,这是在最佳利益的微软股东,雇员及其他利益相关者撤回我们的建议,说: “巴尔默。
“We have a talented team in place and a compelling plan to grow our business through innovative new services and strategic transactions with other business partners. “我们有一个人才团队在地方和一个令人信服的计划,不断扩大我们的业务通过创新的新服务和战略交易,与其他商业伙伴。 While Yahoo! 而雅虎! would have accelerated our strategy, I am confident that we can continue to move forward toward our goals,” Ballmer said. 会加速我们的策略,我深信我们定能继续向前迈进,朝着我们的目标, “ Ballmer说。
“We are investing heavily in new tools and Web experiences, we have dramatically improved our search performance and advertiser satisfaction, and we will continue to build our scale through organic growth and partnerships,” said Kevin Johnson, Microsoft president for platforms and services. “我们正大力投资于新的工具和网络的经验,我们已大幅改善我们的搜索性能和广告客户满意,而且我们将继续把我国建设规模,通过有机增长和伙伴关系, ”凯文说,约翰逊,微软主席为平台和服务。