Yahoo reveals Microsoft defence cost
Published: 02 Mar 2009 12:07 GMT
Yahoo's efforts to fight off Microsoft last year cost $79m, according to the company's Friday filing with the Securities and Exchange Commission.
Yahoo spent much of that bill on outside advisers who helped the company weigh Microsoft's proposals, which ranged from a total buyout bid for $33 a share to an eventual offer to acquire only Yahoo's search business. Yahoo rejected all of Microsoft's proposals.
Part of the $79m (£56m) bill was also attributed to hiring outside advisers for fighting off a proxy contest by activist shareholder Carl Icahn, who eventually settled with the company and received three seats on Yahoo's board.
A portion of the bill also went to Yahoo's outside advisers considering its search agreement with Google, which ultimately ended with the companies walking away from the deal when federal antitrust regulators said it would challenge the deal.
Defending itself against Microsoft's attentions changed Yahoo in other ways. In the process, Yahoo founder and chief executive Jerry Yang stepped down due to shareholder pressure and has since resumed his role as chief Yahoo. Sue Decker, who was Yahoo's president in 2008, lost her bid to become the next chief executive when Yahoo's board named former Autodesk chief Carol Bartz to oversee the troubled internet company. Yahoo also saw an exodus of executives in June 2008.
Credit: Yahoo's Microsoft tab totaled $79 million from CNET News
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