| By Maureen O'Gara | Article Rating: |
|
| July 11, 2008 03:00 PM EDT | Reads: |
3,606 |
Mithras Capital, which owns a relatively small block of 1.7
million shares of Yahoo and would vote for Icahn’s replacement slate in a
heartbeat, sent an open letter to Microsoft Thursday asking Steve Ballmer to
take Microsoft’s “alternate transaction” directly to Yahoo’s stockholders.
That’s the better-than-Google deal that Microsoft claimed – after talks with
Yahoo fell apart a second time – was worth better than $33 a share.
Mithras says it would get shareholders to elect Icahn’s slate. Of course it is unclear whether there still is an Icahn slate any more.
The proposal reportedly involved Microsoft buying Yahoo’s search assets for a billion dollars and taking an $8 billion position in Yahoo for $35 a share.
Mithras claims that if “Microsoft cannot make a convincing
and compelling case to Yahoo! shareholders, the company faces an intractable
problem. We believe that for the last 10 years, the company has been stagnant,
a stagnation reflected in a share price essentially unchanged since 1998.
Meanwhile, over that same time period, Google has come out of nowhere to
dominate the Internet space. Microsoft has as much chance of transforming
itself into a viable competitor to Google as did IBM in the 1980s of
transforming itself from a mainframe to a PC company. A bold and daring
transformation is needed, and a transaction with Yahoo! is the only practical
and viable means of achieving such a transformation.”
Published July 11, 2008 Reads 3,606
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More Stories By Maureen O'Gara
Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.
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