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In epopeea achizitiei motorului de cautare Yahoo sau a intregii companii Yahoo de catre Microsoft apar noi elemente. Astfel, actionarul majoritar al Yahoo, Carl Icahn a trimis o scrisoare celorlalti actionari. In aceasta scrisoare se arata de ce Microsoft nu doreste sa negocieze cu actuala echipa manageriala si practic se cere intr-un mod imperativ schimbarea actualei conduceri a companiei. Schimbarea managementului ar trebui sa survina dupa intalnirea actionarilor programata la inceputul lui august.

Iata scrisoarea integrala:

Carl C. Icahn
ICAHN CAPITAL LP
767 Fifth Avenue, 47th Floor
New York, NY 10153

July 7, 2008

Dear Yahoo! Shareholders:

During the past week I have spoken frequently with Steve Ballmer, CEO of Microsoft. Several of our conversations have lasted as long as an hour. Also, a few of our discussions have taken place while other top executives, such as Kevin Johnson, participated. Our talks centered on the industry in general but, more importantly, on how Yahoo! and Microsoft can do a transaction together. Steve made it abundantly clear that, due to his experiences with Yahoo! during the past several months, he cannot negotiate any transaction with the current board. His logic is simple. If and when a transaction was consummated, Microsoft would be guaranteeing a great deal of capital at closing. However, a transaction could take at least nine months and perhaps longer to obtain regulatory clearance in the U.S., Europe, and elsewhere. During that period, if the current board and management team of Yahoo! mismanage the company (and their recent track record is far from reassuring), Microsoft would be putting its money at risk and a great deal could be lost.

For example, in a transaction to purchase the whole company, a very large amount of capital would be due at closing. Even in an „alternate” transaction, where just the „Search” assets were purchased, large guarantees would have to be made and, again, large sums could be lost if the company was mismanaged. Microsoft perceives this risk may be quite high with the current board and management in place. However, Steve made it clear to me that if a new board were elected, he would be interested in discussing a major transaction with Yahoo!, such as either a transaction to purchase the „Search” function with large financial guarantees or, in the alternative, purchasing the whole company. He stated that Microsoft would be willing to enter into discussion immediately if the new board that has been nominated were elected. While there can be no assurance of a future transaction, as many of you know, I have negotiated successfully a large number of transactions over the past years. If and when elected, I strongly believe that in very short order the new board would, subject to its fiduciary duties, be presenting to shareholders either a purchase offer for the whole company or a very attractive offer to purchase „Search” with large guarantees. I hope to continue to be speaking to Steve over the next few weeks; however, since I do not as yet represent the Yahoo! board, both Steve and I do not wish to get into details over price, or even which of these transactions makes the most sense.

Much has been said about how badly the Yahoo! board has „botched up” negotiations with Microsoft over the past months. There is no need to keep pointing out the mistakes I believe Yahoo! made by not immediately taking a $33 offer made by Microsoft. But one thing is clear – Jerry Yang and the current board of Yahoo! will not be able to „botch up” a negotiation with Microsoft again, simply because they will not have the opportunity.

Our company is now moving toward a precipice. It is currently losing market share in its „Search” function; our current Board has failed to bring in a talented and experienced CEO to replace Jerry Yang and return Jerry to his role as Chief Yahoo!, and currently it is witnessing a meaningful exodus of talent. It is no secret that Google (which hired a great operator as CEO) continues to dramatically outperform Yahoo!. According to publicly available information, Google’s income from operations grew 59% per year over the last two years while Yahoo!’s shrank 21% per year. However, none of the above has caused the Yahoo! board to hesitate in paying themselves $10,000 per week. IT IS TIME FOR A CHANGE.

If elected, I have little doubt that the new board, subject to its fiduciary duties, will do what the current board will not do, i.e.,

– Immediately start negotiation with Microsoft to sell the whole company or, in the alternative, sell „Search” with large guarantees.

– Move expeditiously to replace Jerry Yang with a new CEO with operating
experience.

Sincerely yours,

CARL C. ICAHN


Anunțuri

Comments on: "Conducerea Yahoo – pe o sarma din ce in ce mai subtire" (5)

  1. e prima data cand as scrie si eu ceva pe tema asta. Nu m-am bagat pana acum doar ca sa nu fiu suspectat de partialitate, dar cate aberatii nu mi-a fost dat sa citesc, despre cat de „rau” e Micro$oft-ul, ce vrea sa inghita acum Yahoo-ul…

    O scrisoare ca aceasta (daca e reala, ca nu vad sursa) ar spune multe. Nu cred ca si de data asta Microsoft a „ajutat” Yahoo sa decada (cum au facut cu Netscape). Yahoo pierdea si pierde clar in fata lui Google. Sunt momente cand a lasa aroganta la o parte si a sti sa vinzi sunt cele mai bune lucruri de facut. Din ce-am citit aici (si prin alte locuri), se pare ca Ballmer&Comp au cam fost besteliti degeaba.

  2. […] pledeaza pentru o schimbare urgenta a board-ului executiv si o vanzare salvatoare catre Microsoft) o gasiti la Razvan. Sau pe TechCrunch. N-o sa comentez mai multe despre subiect, decat ca Yahoo! continua sa apara […]

  3. @ Cristi
    Ca e reala sau nu, acum poti verifica. A aparut deja in mai multe locuri. Sursa nu o pot da deoarece sunt jurnalist si daca mai vreau informatii…
    De regula eu sunt impotriva monopolurilor. Chiar daca pare ciudat, azi nu vorbim de monopolul Microsoft ci de cel al Google.
    Daca te intereseaza subiectul, am dat la mine pe blog si scrisoarea lui Ballmer catre Jerry.
    https://razvanserbu.wordpress.com/2008/05/05/microhoo-a-murit/

  4. Mersi, dar am gasit intre timp. Vezi pingback-ul anterior si …scuze pt atatea linkuri, dar chiar e interesant ce se intampla. Cred ca pana la urma, in cel mult 2-3 luni tot o sa auzim de achizitie.

    Sa n-ai impresia ca eu as fi pentru monopoluri :P. De fapt, tipii care lucreaza pe la Google sau Microsoft sunt in general mai open-minded decat s-ar crede. Nu era nicidecum o crima la MS sa ai instalat si Linux sau MacOS pe calculatorul tau (desigur, preferabil acasa ;)), asa cum banuiesc ca nici la Google nu lucreaza toti pe …Ubuntu. Plus ca-i atata open-source scos pe web de tipi care-si iau altminteri leafa de la …monopolisti :P. Bizara lumea in care traim…

  5. @ Cristi
    Ai dreptate, cunosc pe foarte multi de la MS. Am fost si la Redmond si am ramas placut impresionat. Chiar si dinozaurii ca IBM au oameni de exceptie.

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