“Yahoo Inc. has extended a deadline for nominating candidates to its board, giving the struggling Internet pioneer more time to search for a white knight to help it fight off an unwanted takeover bid from Microsoft Corp.,.” The Associated Press reports.
“The announcement Wednesday comes amid published reports that Yahoo has stepped up discussions with Time Warner Inc. about acquiring or forming a joint venture with its AOL online unit to fend off the world’s largest software company,” AP reports.
“Microsoft’s bid, originally valued at $44.6 billion, or $31 per share, was made public Feb. 1. Yahoo has rejected the offer as too low, and it was expected Microsoft would nominate its own slate to the Yahoo board to push the deal through,” AP reports.
“Yahoo said the deadline for nominations would be 10 days after it announces the date of its annual shareholder meeting. The previous deadline was March 14,” AP reports.
“Yahoo and AOL declined comment on the reports Wednesday in The Wall Street Journal and The New York Times that Yahoo and Time Warner have stepped up discussions over AOL,” AP reports. “One scenario calls for Yahoo to acquire AOL outright with Time Warner taking a minority stake in the combined company, the Journal reported, citing unnamed people familiar with the matter.”
More in the full article here.
Imagine: Yahoo, Microsoft and AOL to combine their “talents” in search. Sheesh. Who’s next to join that esteemed group, the Chicago Cubs?