Uncle Rupert doesn’t want Yahoo!
“We are definitely not going to make a bid for Yahoo,” says chairman of media giant News Corporation Rupert Murdoch. He then added “We are just not interested at this stage”.
Yahoo! received a $44.6 billion dollar takeover approach from software giant Microsoft on Friday. News Corporation was seen as a potential rival suitor. While Yahoo’s board continues to say it is considering its position, Microsoft says the proposed takeover would create a “strong number two competitor” to search engine leader Google.
Microsoft CEO Steve Ballmer said that a combined Microsoft and Yahoo would better rival Google, and therefore create stronger competition in the market for online advertising.
Ballmer said:
“Google’s clearly got a dominant position. They’ve got about 75% of paid search worldwide”
Despite Microsoft’s huge cash-box, the software giant revealed it would probably go into debt for the first time to finance its $44.6bn combined cash and share offer for Yahoo!
Microsoft’s proposed bid, unveiled in a letter to Yahoo’s board on Friday, is 62% above Yahoo’s closing share price on Thursday.
In addition to News Corp, other companies named as potential rival Yahoo! purchasers are Time Warner, AT&T and Comcast.
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