Yahoo failure = $79 million
ADOTAS — The price Yahoo had to pay to Goldman Sachs and (ahem) Lehman Bros to ‘defend’ itself against Microsoft was in the tens of millions.
Yahoo spent $79 million on advisers on Microsoft’s offer to buy all or part of the company, the pursuit of “other strategic alternatives, including the Google agreement,” the proxy fight and litigation costs, according to Reuters. In a SEC filing, Yahoo also said five stockholder lawsuits were filed against the company last year relating to the off-again, on-again, who knows now, proposal.
Now less leave aside that Yahoo is looking (desparately?) for a search deal, Carol Bartz must have been cursing out someone after seeing that the price of failing. Microsoft made an initial offer, later sweetened it to $47.5 billion before walking away in May because Jerry Yang and others said it was worth more. Yahoo sought a search advertising partnership with Google and AOL, the former ended uner anti-trust worries, and the latter appears in limbo.
Of course, speculation is now heated again after CFO Blake Jorgesen said the company is not opposed to selling its search business, under the right circumstances. Oddly, he left shortly after saying it. So what is Yahoo worth now?
– Express your opinion, comment below.
Reader Comments.
Yike$$! Looks like a huge mismanagement of funds with no ROI. If the search portion is worth more than the first offer of $47.5 billion to Microsoft, they might expect to pay a lot more to proceed with negotiations in the future. What exactly are the ‘right circumstances’ Mr. Jorgesen? What you really meant was “When the Price is Right”.
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