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The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
The Yahoo - Microsoft Search Deal Story
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The Yahoo - Microsoft Search Deal Story

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The Curiously Fascinating Story of the Yahoo - Microsoft Search Deal …

The Curiously Fascinating Story of the Yahoo - Microsoft Search Deal

The Yahoo - Microsoft search deal signed on July 29, 2009 was a long time in the making.

In fact, it is a curious tale of wrangling and even a little drama. Read the tale of offers, counter-offers, threats, revolts, departures, and eventual dealmaking in this fascinating story of business.

As seen on this page:
http://focusedmarketer.com/yahoo-microsoft-search-deal-story

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  • 1. The Curiously FascinatingSTORYof theYahoo – MicrosoftSearch Deal<br />Compiled by:<br />Helen M. Overland<br />
  • 2. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />The story you are about to read is a matter of public record. <br />No matter how fascinating or amusing this story seems to get at times, remember it is recorded in the annals of public history. <br />Enjoy!<br />FocusedMarketer.com<br />August 3, 2009<br />
  • 3. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />We will begin our story in early 2008, skipping over a couple of years of on-again, mostly off-again corporate foreplay...<br />Jan 31, 2008 <br />Microsoft Proposes Acquisition of Yahoo! for $31 per Share<br />http://www.microsoft.com/presspass/press/2008/feb08/02-01CorpNewsPR.mspx<br />Feb. 11, 2008 <br />Yahoo! Board of Directors Says Microsoft&apos;s Proposal Substantially Undervalues Yahoo!<br />http://yhoo.client.shareholder.com/PRESS/ReleaseDetail.cfm?ReleaseID=293129<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy AMagill<br />Timeline<br />
  • 4. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Feb. 11, 2008<br />Microsoft responds: “The Yahoo! response does not change our belief in the strategic and financial merits of our proposal. As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!’s shareholders are provided with the opportunity to realize the value inherent in our proposal.”<br />http://www.microsoft.com/presspass/press/2008/feb08/02-11msft-response.mspx<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy huggybearjon<br />Timeline<br />
  • 5. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />February 18 <br />Rumors emerge of Yahoo being in talks with AOL<br />http://news.bbc.co.uk/2/hi/business/7249277.stm<br /> <br />March 11 <br />News Corp says it will not fight Microsoft for Yahoo: &quot;We&apos;re not going to get into a fight with Microsoft, which has a lot more money than us,&quot; Murdoch told investors at the annual Bear Stearns media conference.<br />http://www.reuters.com/article/mergersNews/idUSWEN440320080310<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy RogueSun Media<br />Timeline<br />
  • 6. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />April 5, 2008 <br />Microsoft Sends Letter to Yahoo! Board of Directors: “If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board.”<br />http://www.microsoft.com/presspass/press/2008/apr08/04-05LetterPR.mspx<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy e-magic<br />Timeline<br />
  • 7. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Apr 07, 2008 <br />Yahoo responds to Microsoft’s letter: “Our Board&apos;s view of your proposal has not changed. We continue to believe that your proposal is not in the best interests of Yahoo! and our stockholders.”<br />http://yhoo.client.shareholder.com/PRESS/releasedetail.cfm?ReleaseID=303369<br />April 9, 2008 <br />Yahoo announces they will start testing Google ads in Yahoo’s search results. <br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=303999<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Ella&apos;s Dad<br />Timeline<br />
  • 8. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Apr 30, 2008 <br />The Wall Street Journal reports that “Microsoft this week indicated a willingness to raise its bid to as much as $33 per Yahoo share,”<br />http://online.wsj.com/article/SB120958473573757167.html?mod=technology_main_whats_news<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy si_si_ay<br />Timeline<br />
  • 9. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />May 3, 2008 <br />Microsoft Withdraws Proposal to Acquire Yahoo! in a letter to Jerry Yang<br />http://www.microsoft.com/presspass/press/2008/may08/05-03letter.mspx<br /> <br />May 3, 2008 <br />Yahoo responds: “With the distraction of Microsoft&apos;s unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history so that we can maximize our potential to the benefit of our shareholders, employees, partners and users.”<br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=308131<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy The Wolf<br />Timeline<br />
  • 10. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />May 15, 2008<br />Billionaire investor Carl Icahn writes letter to Yahoo that &quot;I believe that a combination between Microsoft and Yahoo is by far the most sensible path for both companies&quot;, and has purchased $1.3B in Yahoo stock <br />http://www.usatoday.com/money/topstories/2008-05-15-729493711_x.htm<br /> <br />May 15, 2008<br />Yahoo responds “Conversely, we do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of Yahoo! for the express purpose of trying to force a sale of Yahoo! to a formerly interested buyer who has publicly stated that they have moved on.”<br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=310754<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Tambako the Jaguar<br />Timeline<br />
  • 11. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />May 18, 2008 <br />Microsoft and Yahoo back in talks. <br />http://www.microsoft.com/presspass/press/2008/may08/05-18statement.mspx<br /> <br />May 21, 2008 <br />T. Boone Pickens Picks Up 10 Million Yahoo Shares. There is some discussion that this is done in the hopes that Carl Icahn can work some kind of deal<br />http://www.cbsnews.com/stories/2008/05/20/paidcontent/main4110359.shtml?source=search_story<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy hans s<br />Timeline<br />
  • 12. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />June 2, 2008 <br />Carl Icahn cleared to invest another $1.5bn in Yahoo<br />http://www.guardian.co.uk/media/2008/jun/02/yahoo.mediabusiness<br /> <br />June 3, 2009 <br />Lawsuit filed against Yahoo for handling of Microsoft bid<br />http://www.businessweek.com/the_thread/techbeat/archives/2008/06/judge_unseals_y.html?chan=top+news_top+news+index_technology<br /> <br />June 3, 2008 <br />Carl Icahn is reported to be seeking ousting of Jerry Yang as Yahoo CEO<br />http://news.cnet.com/8301-10784_3-9958744-7.html<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Tambako the Jaguar<br />Timeline<br />
  • 13. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />June 12, 2008<br />Yahoo and Google announce agreement for Yahoo to display Google ads. <br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=316450<br />http://www.google.com/yahoogooglefacts/<br /> <br />June 12, 2008<br />Microsoft responds “As stated on May 3rd and reiterated on May 18th Microsoft was not interested in rebidding for all of Yahoo!. Our alternative transaction remains available for discussion.”<br />http://www.microsoft.com/presspass/press/2008/jun08/06-12statement.mspx<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy e-magic<br />Timeline<br />
  • 14. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Jul 7, 2008 <br />Microsoft and Carl Icahn appear to be in discussions about a deal with Yahoo. <br />http://www.microsoft.com/presspass/press/2008/jul08/07-07statement.mspx<br /> <br />Jul 7, 2008 <br />Yahoo responds: “If Microsoft and Mr. Ballmer really want to purchase Yahoo!, we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it.”<br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=319847<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Tambako the Jaguar<br />Timeline<br />
  • 15. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Jul 12, 2008 <br />Yahoo rejects a joint Microsoft/Icahn offer<br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=321697<br /> <br />July 14, 2008 <br />Carl Icahn responds “I have yet to see a company distort, omit and twist events and facts in the manner that Yahoo! has done”<br />http://www.nytimes.com/2008/07/14/business/worldbusiness/14iht-yahoo.4.14486514.html<br /> <br />July 14, 2008 <br />Microsoft responds “the enhanced proposal… we submitted late Friday was submitted at the request of Yahoo! Chairman Roy Bostock” <br />http://www.microsoft.com/Presspass/press/2008/jul08/07-14statement.mspx<br />FocusedMarketer.com<br />August 3, 2009<br />Timeline<br />
  • 16. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />July 29, 2008<br />T. Boone Pickens sells his Yahoo shares at a loss. Is quoted as saying “I think that Yahoo management was pathetic” (editors note: don’t worry, he’s still quite well off)<br />http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/28/BUS6120SSI.DTL<br /> <br />October 14, 2008<br />Google & Yahoo in talks with DOJ to avoid possible antitrust challenge<br />http://online.wsj.com/article/SB122393254528030085.html?mod=testMod<br /> <br />Oct 20, 2008 <br />Yahoo is reported to be planning cuts, possibly over 1000 people<br />http://online.wsj.com/article/SB122445684738348449.html<br />FocusedMarketer.com<br />August 3, 2009<br />Timeline<br />
  • 17. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Nov 5, 2008 <br />Citing regulator concerns, Google terminates its ad agreement with Yahoo<br />http://yhoo.client.shareholder.com/PRESS/releasedetail.cfm?ReleaseID=345734<br />http://googlepublicpolicy.blogspot.com/2008/11/ending-our-agreement-with-yahoo.html<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Mikelo<br />Timeline<br />
  • 18. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Nov 6, 2008 <br />Yahoo CEO Jerry Yang quoted as saying “To this day the best thing for Microsoft to do is buy Yahoo.”<br />http://searchengineland.com/yahoo-invites-another-bid-from-microsoft-15383<br />FocusedMarketer.com<br />August 3, 2009<br />Timeline<br />
  • 19. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Nov 7, 2008 <br />Microsoft to Jerry Yang: No. <br />Well actually: “We are not interested in going back and re-looking at an acquisition. I don&apos;t know why they would be either, frankly”<br />http://www.reuters.com/article/mergersNews/idUSSYD41512320081107<br />FocusedMarketer.com<br />August 3, 2009<br />Timeline<br />
  • 20. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Nov 17, 2008 <br />Jerry Yang steps down as Yahoo CEO<br />http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=348088<br /> <br />Nov 19, 2008 <br />Microsoft “done with all acquisition discussions with Yahoo”, but still open to “search collaboration” <br />http://blog.seattlepi.com/microsoft/archives/154844.asp<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Yodel Anecdotal<br />Timeline<br />
  • 21. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Dec. 4, 2008 <br />Microsoft appoints Dr. Qi Lu, former VP of Engineering for the Search and Advertising Technology Group at Yahoo!, as Microsoft president of Online Services Group<br />http://www.microsoft.com/Presspass/press/2008/dec08/12-04CorpDec4PR.mspx<br />FocusedMarketer.com<br />August 3, 2009<br />Timeline<br />
  • 22. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Jan 13, 2009 <br />Carol Bartz becomes Yahoo’s new CEO<br />http://yhoo.client.shareholder.com/PRESS/releasedetail.cfm?ReleaseID=359016<br /> <br />January 16, 2009 <br />Microsoft and Yahoo Executives Meet. Again. <br />http://www.nytimes.com/2009/01/17/technology/companies/17yahoo.html<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Yodel Anecdotal<br />Timeline<br />
  • 23. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Apr 10, 2009 <br />Still Talking. <br />http://kara.allthingsd.com/20090410/yahoos-bartz-and-microsofts-ballmer-finally-talking-about-search-and-advertising-partnership/<br /> <br />May 28, 2009 <br />Microsoft search engine Bing launches<br />http://www.microsoft.com/presspass/press/2009/may09/05-28NewSearchPR.mspx<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy bpedro<br />Timeline<br />
  • 24. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Jul 23, 2009 <br />Yahoo Board meets about possible Microsoft deal<br />http://blogs.barrons.com/techtraderdaily/2009/07/23/wsj-yahoo-board-meeting-today-about-microsoft-deal/<br />Then, Finally...<br />FocusedMarketer.com<br />August 3, 2009<br />Timeline<br />
  • 25. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />Jul 29, 2009 <br />Yahoo! and Microsoft announce an agreement. <br />http://www.choicevalueinnovation.com/thedeal/announcement/Default.aspx<br />FocusedMarketer.com<br />August 3, 2009<br />Photo courtesy Yodel Anecdotal<br />Timeline<br />
  • 26. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />A Few Interesting Highlights of the Deal<br />The Yahoo Search engine goes away (as in “bye-bye”)<br />The Microsoft Bing search engine will be used on Yahoo<br />Microsoft gets access to Yahoo’s search technology for 10 years<br />Microsoft will pay traffic acquisition costs to Yahoo! at an initial rate of 88% of search revenue generated on Yahoo!&apos;s sites for the first 5 years<br />The deal affects only search engines, not email or news, for example<br />FocusedMarketer.com<br />August 3, 2009<br />
  • 27. The Curiously Fascinating STORY of theYahoo - Microsoft Search Deal<br />That’s it, thanks for reading!<br />Compiled by: <br />Helen M. Overland(a.k.a. semlady)<br />FocusedMarketer.com<br />Follow me! twitter.com/semlady<br />FocusedMarketer.com<br />August 3, 2009<br />

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