Microsoft seeks allies for fresh Yahoo bid
Published: 02 Jul 2008 14:24 BST
Microsoft is trying to find partners to help it launch a fresh bid for Yahoo's search business, reports have suggested.
According to The Wall Street Journal on Tuesday, Microsoft has approached media firms, including Time Warner and News Corp, to aid it in the bid. The article also claimed, however, that Microsoft cancelled a scheduled meeting with Yahoo chairman Roy Bostock on Monday, suggesting the company is not finding any willing compatriots for a Yahoo move.
The paper also reported that Microsoft has met with the activist investor Carl Icahn in recent days, urging the billionaire to keep pressing his proxy fight in an effort to motivate Yahoo's board.
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Microsoft declined all comment to ZDNet.co.uk's sister site CNET News.com. However, sources told CNET News.com that large investors and at least one Yahoo director have been urging Microsoft to make a renewed bid for Yahoo's search business. Microsoft is said to be weighing such an offer.
It is also the case that Microsoft has met with nearly everyone at this point that could possibly be interested in a Yahoo bid.
The pressure on Yahoo appears to be increasing on several fronts. Firstly, its stock price has dropped below $20 (£10) and to near where it was before Microsoft first went public with its bid on 1 February. Secondly, the US federal government is moving to launch a formal probe of Yahoo's proposed search-ad deal with Google. Finally, the company still faces a proxy fight with Icahn.
Credit: Microsoft said seeking partners for new Yahoo bid from CNET News
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