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Microsoft ultimatum expires Saturday originally 3 liberal records make clear annex Yahoo

April 26, 2008

Beijing time on April 26 message, foreign media published analytic article to point out today, microsoft 3 the Xiang Yahu before week gives out ” ultimatum ” deadline general at expiring Saturday originally, if Yahoo still does not wish to accept Yahoo to buy a request, criterion Microsoft has 3 kinds of plan to be able to choose. No matter Microsoft adopts which kinds of plan, bring about Yahoo share price possibly to appear to fluctuate considerably.

This year on Feburary 1, microsoft put forward to buy to Yahoo board of directors want to make an appointment with, express to hope to buy latter with 44.6 billion dollar, buy plan to be stock of half cash, half. On Feburary 11, yahoo board of directors rejected Microsoft request formally, say Microsoft bade underestimated Yahoo real value. Since in those days, microsoft buys Yahoo case to did not gain substantial headway all the time.

3 Zhou Qian, microsoft is presiding silent of apparitor Steve Ball (board of directors of Steve Ballmer) Xiang Yahu was given out ” ultimatum is believed ” , say Yahoo must be in Saturday (the United States local time on April 26) before accept Microsoft to buy a request, can start the war of dealership otherwise, reduce its likely 44.6 billion dollar bids formerly.

　　 It is Microsoft optional below brief analysis of 3 kinds of plan:

　　 One, recall buy want to make an appointment with

Analytic personage says, if Microsoft recalls,buy want to make an appointment with, criterion the price before Yahoo share price advances rapid fall after a rise to buy a request to Microsoft; When after fall after a rise of Yahoo share price, microsoft raises quoted price afresh again. To Yahoo investor, two problems that they should pay close attention to most are: Whether is Microsoft determined to want to buy Yahoo? After fall after a rise of Yahoo share price, whether can Microsoft still put forward to buy a request again?

When with software tycoon inscriptions on bones or tortoise shells of the Shang Dynasty in business autumn bought BEA system company last year, ever had played ” retreat in order to advance ” politic. Inscriptions on bones or tortoise shells of the Shang Dynasty puts forward to buy BEA with every 17 dollars at first at that time, but the rejection that encountered latter, say bade of inscriptions on bones or tortoise shells of the Shang Dynasty underestimated the real value of BEA. Inscriptions on bones or tortoise shells of the Shang Dynasty was given out to BEA subsequently ” ultimatum ” , after refusing again by BEA, inscriptions on bones or tortoise shells of the Shang Dynasty recalled to buy want to make an appointment with.

Put forward to buy at first in inscriptions on bones or tortoise shells of the Shang Dynasty after wanting to make an appointment with, BEA share price rises by every 13.62 dollars 18.82 dollars. Recall in inscriptions on bones or tortoise shells of the Shang Dynasty buy after wanting to make an appointment with, fall after a rise of BEA share price arrives 16.5 dollars. In two half moon of after this, inscriptions on bones or tortoise shells of the Shang Dynasty still nots throw the troops into battle, bring about fall after a rise of BEA share price to arrive 14.76 dollars. The eye sees the opportunity is mature, inscriptions on bones or tortoise shells of the Shang Dynasty was killed successfully ” back thrust ” , and put forward to buy a request to BEA again, final receive BEA with every 19.375 dollars for oneself have.

Although inscriptions on bones or tortoise shells of the Shang Dynasty buys BEA case and Microsoft to buy Yahoo,is very big similar sex between the case, but specific go to Microsoft - for Yahoo case, most analyst thinks before this, because Microsoft hopes to be finished as soon as possible,buy, raise offer a price extremely likely, and won’t adopt afore-mentioned ” retreat in order to advance ” politic.

　　 2, equity should be bought about (Tender Offer)

Alleged equity wants to be bought about, it is to point to buy square direct to be bought square part or all partner put forward to buy a request, its bid general meeting tower above is bought the business is current market prise. With respect to Yahoo investor character, they hope Microsoft adopts equity to want to buy program about most. In fact, microsoft already expressed before this, give out the consideration to Yahoo investor directly buy a request.

But calculate since the day that from Microsoft Xiang Yahu offers to buy a request, at present time already went near 3 months; If Microsoft adopts equity to want to buy program about next week, people can’ts help wanting to ask: During these 3 months, why Microsoft does not raise offer a price directly, launch a negotiation with Yahoo management layer next?

Famous game of the United States before this develops business electron art bound (Electronic Arts, EA) is developed to another game Take-Two gave out business to buy a request, after refusing by latter management layer, EA adopts equity to want to buy program about to Take-Two partner. At present EA still is 2 billion dollar to the bade of Take-Two, but already reduced by original offer of every 26 dollars for 25.74 dollars, in order to reflect the current situation that Take-Two approved to limit an accredit program.

　　 3, the war that starts dealership

If Microsoft plans to start the war of dealership, mean in Yahoo this year on partner year mass rally, microsoft will put forward to enter the list of Yahoo directorate member, have a member in order to replace Yahoo directorate, the control that gains Yahoo board of directors thereby counterpoises. At present Yahoo has not decided his this year of partner year mass rally specific hold date. According to original plan, this year on Yahoo shareholder plenary meeting, this company board of directors 10 members will reflect entirely.

The battle of dealership of board of directors and American president vote are very similar, combat both sides can do his utmost ” flattery ” with hook in partner, make they can support the directorate member person selected that they just put forward. If be in this year before July 13, yahoo still did not decide his this year of shareholder plenary meeting hold date, microsoft can play court of China city Heng Ping especially in the United States lawfully (Chancery Court) sues Yahoo, ask Yahoo fixes corresponding date.

If appear afore-mentioned circumstances, court of city Heng Ping connects Telahua to often can ask Yahoo is inside 3 months after adjudicating become effective hold year shareholder plenary meeting. The purpose of the war that Microsoft starts dealership is: After obtaining Yahoo board of directors to control right, can cancel Yahoo board of directors pass before this each ” poisonous bolus plans ” (show the enterprise that be bought is made each buy measure instead, pay bigger cost) with making buy a company.

Analytic personage expresses finally, to Yahoo partner, microsoft adopts the possibility of 3 kinds of afore-mentioned plan to cannot eliminate, and 3 kinds of plan are each other exterior and interior, with ” consolidate step by step ” Xiang Yahu is applied pressure.

Zhou Wuwei weak share price drops 1.97 dollars, drop 6.19% , the newspaper receives 29.83 dollars; Too 52 Zhou Zhong, top share price is Microsoft 37.5 dollars, lowest is 26.87 dollars. Yahoo share price dropped that day 0.5 dollars, drop 1.83% , the newspaper receives 26.8 dollars; Too 52 Zhou Zhong, top share price is Yahoo 34.08 dollars, lowest is 18.58 dollars. (Compile / in billows)

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