微軟開出期限　三週後對雅虎展開惡意併購

在經過兩個多月的等待之後，微軟終於按捺不住，在上周六（4/5）向雅虎（Yahoo!）開出併購提案的最後期限，並表示三週之後要展開惡意併購。

微軟執行長Steve Ballmer致雅虎董事會公開信全文

微軟執行長Steve Ballmer在寫給雅虎股東的這封公開信中表示，兩個多月時間已過，但與雅虎的協商卻沒任何進展。近來經濟持續疲軟，特別是網際網路產業，也讓微軟當時的報價顯得相當「大方」。未來三個星期，如果雅虎仍未做出最後決定，微軟將「被迫」直接對雅虎股東採取行動，並將發動委託書爭奪戰，在雅虎股東會中推舉董事，屆時雅虎價值恐怕會更低。

縱觀Ballmer這份公開信，措辭相當強硬，裡面也提及雙方近來互動協商情況不是很好。據華爾街日報及TimesOnline報導，近幾週來微軟與雅虎高層兩次見面，但未能達成協議。而在上週Ballmer與雅虎執行長楊致遠見面之後，又傳出微軟不願提高收購價的新聞。

為了對抗網路強敵Google，微軟在1月31日以公開信表示要以一半現金及一半股票的方式以當時市值相當於446億美金的價格收購雅虎。10日之後雅虎公開回絕微軟的出價，楊致遠並在給股東的公開信中表示，微軟低估雅虎的價值。之後，市場也在猜測微軟的可能行動。其中花旗分析師曾預測，微軟可能會提高收購價格。

雖然微軟因合併雅虎消息而股價下跌，到現在這宗併購案的市值也因此縮水到僅相當400億美金。不過，由於近來整體經濟不景氣，再加上雅虎表現不佳，以及外面傳出雅虎尋找其他合作夥伴，如時代華納、Goolge，及News Corps也沒有進一步的消息，因此也讓微軟有了更大的談判籌碼。

Ballmer在信中表示，在這兩個月時間裡，網際網路持續在前進的同時，股市和整體經濟環境都非常疲弱，非僅一般產業如此，其他一些網路公司更是如此。而且，一些公開的研究資料也顯示，雅虎的搜尋和網頁瀏覽率都在下滑。最後，雅虎恐怕還必需採用新的計畫，讓公司改造更加耗費成本。

他進一步指出，由於這些發展，已經是雙方坐下來談判並做出最後決定的時候。如果在未來三週內未能達成協議，將會被迫使微軟直接訴諸雅虎的股東，包括發動委託書爭奪戰，以在雅虎董事會內推舉其他的董事成員。

「之前提出的高價表達了我們想要成交的善意，但如果我們被迫直接跟雅虎股東出價，從我們的觀點來看，恐怕對於雅虎的價值會有很大的影響，而將來也會反應在我們的出價裡。」Ballmer表示。（編譯/郭和杰）微軟在週六（4/5）以執行長Steve Ballmer的名義致函給雅虎的董事會，以下為全文：


April 5, 2008
Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089


Dear Members of the Board:

It has now been more than two months since we made our proposal to acquire Yahoo! at a 62% premium to its closing price on January 31, 2008, the day prior to our announcement. Our goal in making such a generous offer was to create the basis for a speedy and ultimately friendly transaction. Despite this, the pace of the last two months has been anything but speedy.

While there has been some limited interaction between management of our two companies, there has been no meaningful negotiation to conclude an agreement. We understand that you have been meeting to consider and assess your alternatives, including alternative transactions with others in the industry, but we’ve seen no indication that you have authorized Yahoo! management to negotiate with Microsoft. This is despite the fact that our proposal is the only alternative put forward that offers your shareholders full and fair value for their shares, gives every shareholder a vote on the future of the company, and enhances choice for content creators, advertisers, and consumers.

During these two months of inactivity, the Internet has continued to march on, while the public equity markets and overall economic conditions have weakened considerably, both in general and for other Internet-focused companies in particular. At the same time, public indicators suggest that Yahoo!’s search and page view shares have declined. Finally, you have adopted new plans at the company that have made any change of control more costly.

By any fair measure, the large premium we offered in January is even more significant today. We believe that the majority of your shareholders share this assessment, even after reviewing your public disclosures relating to your future prospects.

Given these developments, we believe now is the time for our respective companies to authorize teams to sit down and negotiate a definitive agreement on a combination of our companies that will deliver superior value to our respective shareholders, creating a more efficient and competitive company that will provide greater value and service to our customers. 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. The substantial premium reflected in our initial proposal anticipated a friendly transaction with you. If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal.

It is unfortunate that by choosing not to enter into substantive negotiations with us, you have failed to give due consideration to a transaction that has tremendous benefits for Yahoo!’s shareholders and employees. We think it is critically important not to let this window of opportunity pass.


Sincerely,


Steven A. Ballmer
Chief Executive Office
Microsoft Corp.