The Yahoo - Microsoft Search Deal Story

THE CURIOUSLY FASCINATING
STORY
of the
YAHOO –
MICROSOFT
SEARCH DEAL
Compiled by:
Helen M. Overland
THE CURIOUSLY FASCINATING STORY OF THE
YAHOO - MICROSOFT SEARCH DEAL
The story you are about to read is a matter of

public record.
No matter how fascinating or amusing this

story seems to get at times, remember it is
recorded in the annals of public history.
Enjoy!
August 3, 2009
FocusedMarketer.com
We will begin our story in early 2008, skipping over a couple
of years of on-again, mostly off-again corporate foreplay...
Jan 31, 2008

Microsoft Proposes Acquisition of Yahoo! for $31 per Share
http://www.microsoft.com/presspass/press/2008/feb08/02-01CorpNewsPR.mspx
Feb. 11, 2008

Yahoo! Board of Directors Says Microsoft's Proposal
Substantially Undervalues Yahoo!
http://yhoo.client.shareholder.com/PRESS/ReleaseDetail.cfm?ReleaseID=293129
Photo courtesy AMagill
Timeline
August 3, 2009
FocusedMarketer.com
Feb. 11, 2008
Microsoft responds: “The Yahoo! response
does not change our belief in the
strategic and financial merits of our
proposal. As we have said previously,
Microsoft reserves the right to pursue
all necessary steps to ensure that
Yahoo!’s shareholders are provided
with the opportunity to realize the
value inherent in our proposal.”
http://www.microsoft.com/presspass/press/2008/feb08/02-11msft-response.mspx
Photo courtesy huggybearjon
Timeline
August 3, 2009
FocusedMarketer.com
February 18
Rumors emerge of Yahoo being in talks with AOL
http://news.bbc.co.uk/2/hi/business/7249277.stm

March 11
News Corp says it will not fight Microsoft for Yahoo:
"We're not going to get into a fight with
Microsoft, which has a lot more money than
us," Murdoch told investors at the annual Bear
Stearns media conference.
http://www.reuters.com/article/mergersNews/idUSWEN440320080310
Photo courtesy RogueSun Media
Timeline
August 3, 2009
FocusedMarketer.com
April 5, 2008
Microsoft Sends Letter to Yahoo! Board of
Directors: “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.”
http://www.microsoft.com/presspass/press/2008/apr08/04-05LetterPR.mspx
Photo courtesy e-magic
Timeline
August 3, 2009
FocusedMarketer.com
Apr 07, 2008
Yahoo responds to Microsoft’s letter: “Our Board's view
of your proposal has not changed. We continue
to believe that your proposal is not in the best
interests of Yahoo! and our stockholders.”
http://yhoo.client.shareholder.com/PRESS/releasedetail.cfm?ReleaseID=303369
April 9, 2008
Yahoo announces they will start testing Google ads
in Yahoo’s search results.
http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=303999
Photo courtesy Ella's Dad
Timeline
August 3, 2009
FocusedMarketer.com
Apr 30, 2008
The Wall Street Journal reports that
“Microsoft this week indicated a
willingness to raise its bid to as
much as $33 per Yahoo share,”
http://online.wsj.com/article/SB120958473573757167.html?mod=technology_main_whats_news
Photo courtesy si_si_ay
Timeline
August 3, 2009
FocusedMarketer.com
May 3, 2008
Microsoft Withdraws Proposal to Acquire Yahoo! in
a letter to Jerry Yang
http://www.microsoft.com/presspass/press/2008/may08/05-03letter.mspx

May 3, 2008
Yahoo responds: “With the distraction of Microsoft's
unsolicited proposal now behind us, we will be
able to focus all of our energies on executing the
most important transition in our history so that
we can maximize our potential to the benefit of
our shareholders, employees, partners and users.”
http://yhoo.client.shareholder.com/press/releasedetail.cfm?ReleaseID=308131 Photo courtesy The Wolf
Timeline
August 3, 2009
FocusedMarketer.com
May 15, 2008
Billionaire investor Carl Icahn writes letter to Yahoo that "I
believe that a combination between Microsoft and
Yahoo is by far the most sensible path for both
companies", and has purchased $1.3B in Yahoo stock
http://www.usatoday.com/money/topstories/2008-05-15-729493711_x.htm

May 15, 2008
Yahoo responds “Conversely, we do not believe it is in the
best interests of Yahoo! stockholders to allow you
and your hand-picked nominees to take control of
Yahoo! for the express purpose of trying to force a
sale of Yahoo! to a formerly interested buyer who has
publicly stated that they have moved on.”
Photo courtesy Tambako the Jaguar
Timeline
August 3, 2009
FocusedMarketer.com
May 18, 2008
Microsoft and Yahoo back in talks.
http://www.microsoft.com/presspass/press/2008/may08/05-18statement.mspx

May 21, 2008
T. Boone Pickens Picks Up 10 Million Yahoo
Shares. There is some discussion that this is
done in the hopes that Carl Icahn can work
some kind of deal
http://www.cbsnews.com/stories/2008/05/20/paidcontent/main4110359.shtml?source=search_story
Photo courtesy hans s
Timeline
August 3, 2009
FocusedMarketer.com
June 2, 2008
Carl Icahn cleared to invest another $1.5bn in Yahoo
http://www.guardian.co.uk/media/2008/jun/02/yahoo.mediabusiness

June 3, 2009
Lawsuit filed against Yahoo for handling of Microsoft
bid
http://www.businessweek.com/the_thread/techbeat/archives/2008/06/judge_unseals_y.html?chan=top+news_top+news+ind

June 3, 2008
Carl Icahn is reported to be seeking ousting of Jerry
Yang as Yahoo CEO
http://news.cnet.com/8301-10784_3-9958744-7.html
Timeline
August 3, 2009
FocusedMarketer.com
June 12, 2008
Yahoo and Google announce agreement for Yahoo to
display Google ads.
http://www.google.com/yahoogooglefacts/

June 12, 2008
Microsoft responds “As stated on May 3rd and
reiterated on May 18th Microsoft was not
interested in rebidding for all of Yahoo!. Our
alternative transaction remains available for
discussion.”
http://www.microsoft.com/presspass/press/2008/jun08/06-12statement.mspx
Photo courtesy e-magic
Timeline
August 3, 2009
FocusedMarketer.com
Jul 7, 2008
Microsoft and Carl Icahn appear to be in discussions
about a deal with Yahoo.
http://www.microsoft.com/presspass/press/2008/jul08/07-07statement.mspx

Jul 7, 2008
Yahoo responds: “If Microsoft and Mr. Ballmer really
want to purchase Yahoo!, we again invite them to
make a proposal immediately. And if Mr. Icahn
has an actual plan for Yahoo! beyond hoping that
Microsoft might actually consummate a deal
which they have repeatedly walked away from,
we would be very interested in hearing it.”
Timeline
August 3, 2009
FocusedMarketer.com
Jul 12, 2008
Yahoo rejects a joint Microsoft/Icahn offer

July 14, 2008
Carl Icahn responds “I have yet to see a company
distort, omit and twist events and facts in the
manner that Yahoo! has done”
http://www.nytimes.com/2008/07/14/business/worldbusiness/14iht-yahoo.4.14486514.html

July 14, 2008

Microsoft responds “the enhanced proposal… we
submitted late Friday was submitted at the
request of Yahoo! Chairman Roy Bostock”
http://www.microsoft.com/Presspass/press/2008/jul08/07-14statement.mspx
Timeline
August 3, 2009
FocusedMarketer.com
July 29, 2008
T. Boone Pickens sells his Yahoo shares at a loss. Is
quoted as saying “I think that Yahoo management
was pathetic” (editors note: don’t worry, he’s still
quite well off)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/28/BUS6120SSI.DTL

October 14, 2008
Google & Yahoo in talks with DOJ to avoid possible
antitrust challenge
http://online.wsj.com/article/SB122393254528030085.html?mod=testMod

Oct 20, 2008
Yahoo is reported to be planning cuts, possibly over
1000 people
http://online.wsj.com/article/SB122445684738348449.html
Timeline
August 3, 2009
FocusedMarketer.com
Nov 5, 2008
Citing regulator concerns, Google terminates its ad agreement with
Yahoo
http://googlepublicpolicy.blogspot.com/2008/11/ending-our-agreement-with-yahoo.html
Photo courtesy Mikelo
Timeline
August 3, 2009
FocusedMarketer.com
Nov 6, 2008
Yahoo CEO Jerry Yang quoted as saying “To this day the best thing for
Microsoft to do is buy Yahoo.”
http://searchengineland.com/yahoo-invites-another-bid-from-microsoft-15383
Timeline
August 3, 2009
FocusedMarketer.com
Nov 7, 2008
Microsoft to Jerry Yang: No.
Well actually: “We are not interested in going

back and re-looking at an acquisition. I don't
know why they would be either, frankly”
http://www.reuters.com/article/mergersNews/idUSSYD41512320081107
Timeline
August 3, 2009
FocusedMarketer.com
Nov 17, 2008
Jerry Yang steps down as Yahoo CEO

Nov 19, 2008
Microsoft “done with all acquisition
discussions with Yahoo”, but still
open to “search collaboration”
http://blog.seattlepi.com/microsoft/archives/154844.asp
Photo courtesy Yodel Anecdotal
Timeline
August 3, 2009
FocusedMarketer.com
Dec. 4, 2008
Microsoft appoints Dr. Qi Lu, former
VP of Engineering for the Search
and Advertising Technology Group
at Yahoo!, as Microsoft president of
Online Services Group
http://www.microsoft.com/Presspass/press/2008/dec08/12-04CorpDec4PR.mspx
Timeline
August 3, 2009
FocusedMarketer.com
Jan 13, 2009
Carol Bartz becomes Yahoo’s new
CEO

January 16, 2009
Microsoft and Yahoo Executives Meet.
Again.
http://www.nytimes.com/2009/01/17/technology/companies/17yahoo.html
Timeline
August 3, 2009
FocusedMarketer.com
Apr 10, 2009
Still Talking.
http://kara.allthingsd.com/20090410/yahoos-bartz-and-microsofts-ballmer-finally-talking-about-search-and-advertising-partner

May 28, 2009
Microsoft search engine Bing
launches
http://www.microsoft.com/presspass/press/2009/may09/05-28NewSearchPR.mspx
Photo courtesy bpedro
Timeline
August 3, 2009
FocusedMarketer.com
Jul 23, 2009
Yahoo Board meets about possible Microsoft
deal
http://blogs.barrons.com/techtraderdaily/2009/07/23/wsj-yahoo-board-meeting-today-about-microsoft-deal/
Then, Finally...
Timeline
August 3, 2009
FocusedMarketer.com
Jul 29, 2009
Yahoo! and Microsoft announce an agreement.
http://www.choicevalueinnovation.com/thedeal/announcement/Default.aspx
Timeline
August 3, 2009
FocusedMarketer.com
A Few Interesting Highlights of the Deal
• The Yahoo Search engine goes away (as in “bye-bye”)

• The Microsoft Bing search engine will be used on Yahoo
• Microsoft gets access to Yahoo’s search technology for 10 years
• Microsoft will pay traffic acquisition costs to Yahoo! at an initial rate of
88% of search revenue generated on Yahoo!'s sites for the first 5 years
• The deal affects only search engines, not email or news, for example
August 3, 2009
FocusedMarketer.com
That’s it, thanks for reading!
Compiled by:
Helen M. Overland (a.k.a. semlady)
FocusedMarketer.com
Follow me! twitter.com/semlady
August 3, 2009
FocusedMarketer.com

The Yahoo - Microsoft Search Deal Story

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The Yahoo - Microsoft Search Deal Story

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THE CURIOUSLY FASCINATING

The story you are about to read is a matter of

No matter how fascinating or amusing this

Jan 31, 2008

Feb. 11, 2008

Photo courtesy AMagill

Photo courtesy huggybearjon

Photo courtesy RogueSun Media

Photo courtesy e-magic

Photo courtesy Ella's Dad

Photo courtesy si_si_ay

Photo courtesy hans s

Photo courtesy Tambako the Jaguar

Photo courtesy e-magic

July 14, 2008

Photo courtesy Mikelo

Well actually: “We are not interested in going

Photo courtesy Yodel Anecdotal

Photo courtesy Yodel Anecdotal

Photo courtesy bpedro

Photo courtesy Yodel Anecdotal

• The Yahoo Search engine goes away (as in “bye-bye”)

That’s it, thanks for reading!

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