Despite some good news on the results of financial activity in the third quarter, Yahoo! has recently located in a difficult position, its activity is characterized by a low stock price, high efficiency reducing the number of employees, unsuccessful attempts to develop products. September 6 board of directors fired in the format of a call, Carol Bartz CEO (Carol Bartz) after a sharp fall in shares, which reached 8 August level of $ 11.09, and now Yahoo!, reportedly on the lookout for potential buyers of your business. The Wall Street Journal, citing people familiar with the case closely, said that Microsoft is in talks about a possible deal to acquire a total of Yahoo! institutional investors Silver Lake Partners and Canada Pension Plan Investment Board. At the same time Microsoft did not seek to Yahoo! in full possession, and wants through partial financial assistance to maintain some influence on the future of the company.
Yahoo! and Microsoft are strategic partners in the field of Internet search in 2008, after the offer was rejected Redmond giant to acquire Yahoo! for $ 47.5 billion, today the company's market capitalization is estimated to have $ 20.35 billion in the value of the shares at $ 16, . At the same time after the start of the backstage preparations for the trading value of shares of the company for 3 weeks increased by more than 20%. Potential participants in the transaction assume that the actual value below the current capitalization of Yahoo, which includes a premium, reflecting investors' expectations.
Now the total bid in the auction could bring Microsoft a share in the capital and management. Its contribution is likely to be several billion dollars, although the exact amount is not yet determined and will depend on the final price that the investment group will be able to offer Yahoo!. The latter, according to a source, has not yet received formal proposals, and its government is ready to consider all options, including a complete sale of the company, the investment in exchange for the additional issue of shares or not to take any action.
The fact that Microsoft is seeking the support of Silver Lake, itself possessing the necessary financial resources, indicates that the corporation seeks to minimize the risk of failure of the transaction. Having part of the preferred shares, Microsoft will soon return investments than owners of ordinary shares and other investors.
Simultaneously, there were anecdotal evidence that the search company. Google. is in talks with at least two private investors, offering them financial assistance to acquire the core business of Yahoo!. According to sources, Google aims to advertise on websites Yahoo!, monthly audience estimated at 700 million people.
The Wall Street Journal notes that negotiations are at an early stage, formal proposals have not yet worked out, and Google can not make the transaction, is also not clear which companies are taking part in the discussion of the case. Nevertheless, reports of a possible acquisition of industry leader in search of his defeated opponent is quite intriguing, as a consequence of this will be the union of the two largest Internet companies, which, of course, should attract the attention of antitrust services that are likely to discourage participation in the Google auction.
As interested parties, other than Google and Microsoft, called the venture capital firm Andreessen Horowitz, the Chinese company Alibaba, employed in the field of electronic commerce, as well as AOL.
Constantine Khodakovskii.
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