At the end of January 2008, Microsoft offered to acquire Yahoo for $44.6 billion. Jerry Yang and the Yahoo board sniffed at the price.
Today, Valleywag made fun of Yang for his insouciance.
"The markets closed yesterday with Yahoo shares worth $19.11. It was the second day in a row Yahoo shares closed below the $19.18 they were worth on January 31, the day before Microsoft made its $31 per share offer public," said Nicholas Carlson.
Yang said the offer undervalued Yahoo. Months of back and forth sniping and negotiating ended in May when Microsoft's Steve Ballmer decided he had better things to do than spar with Yang and Yahoo chairman Roy Bostock.
A proxy fight for control of Yahoo, spurred by corporate raider Carl Icahn, ended with Yahoo agreeing to expand their board and give Icahn and a couple of his choices seats at the table.
It's fun to pick on Jerry Yang, but Yahoo's trading at $19.50 at 12:30 EDT today. Icahn isn't busy updating his blog, so maybe he should be helping Yang find a way to pump up that stock price.
Friday, August 22, 2008
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