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1.
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April 23, 2008 / SAN FRANCISCO -- Yahoo
Inc. on Tuesday made much ado about its
first-quarter financial performance as a sign that
it's turning around its
fortunes.
WALL STREET reacted like nothing
happened.
Results and projections were not strong
enough to force Microsoft to raise the price of its
takeover offer for Yahoo but maybe just good enough
to keep the software giant from lowering its
bid.
"Investors needed an 'aha' moment
today," said analyst Anthony Valencia of TCW Group
in Los Angeles. "Yahoo didn't provide it."
Yahoo's stock price dropped slightly in
after-hours trading after falling by a penny to
$28.54. Microsoft shares, which had lost 17 cents
to $30.25 in regular trading, ticked up
slightly.
Valencia and other analysts say it now
appears more likely that the standoff between Yahoo
and Microsoft will drag on, perhaps into summer.
That would hand a clear advantage to Google, which
benefits from its two rivals' distraction.
Part
02 /
Yahoo-Google
test gets antitrust scrutiny
Yahoo Inc.'s short experiment with
outsourcing some of its Web-search ads to Google
Inc. has drawn scrutiny from antitrust
regulators.
Yahoo and Google said they had provided
the Justice Department with unspecified information
in response to questions about the two-week test,
which was designed to explore how a possible
collaboration could help Yahoo thwart Microsoft
Corp.'s takeover bid.
But any combination of Google and Yahoo, the top
two search engines, raises antitrust concerns.
In an e-mailed statement, Google
spokesman Adam Kovacevich said, "We informed the
Justice Department before we launched this test,
and we have been responsive to their questions
about it."
Google conducted 59.8% of all U.S.
searches last month while Yahoo had 21.3%,
according to research firm ComScore Inc. When they
announced their test, Microsoft complained that any
"definitive agreement" between Google and Yahoo
would make the search advertising market "far less
competitive."
Part
03
/
Microsoft has imposed a deadline for the two
companies to negotiate an agreement. and threatened
to launch a proxy fight to oust Yahoo's board and
perhaps lower its price if Yahoo doesn't agree to a
deal. Yahoo's board has twice spurned Microsoft's
unsolicited takeover offer, saying it undervalued
the company.
In a conference call with investors,
Yahoo Chief Executive Jerry Yang argued his case
yet again for the Internet pioneer's bright future
while underscoring that it remained open to "any
and all" alternatives that recognize the Sunnyvale,
Calif., company's "full value" -- including a deal
with Microsoft.
Microsoft wants
to buy Yahoo to challenge Google
in the online advertising market, and
especially in Web search. Microsoft CEO Steve
Ballmer says the Jan. 31 cash-and-stock bid for
Yahoo, initially valued at $44.6 billion, or $31 a
share, is generous. Microsoft's stock decline has
lowered the deal's value to about $43
billion.
"The $31-a-share bid from Microsoft is
the best thing that ever happened to Yahoo," Gillis
said. "It seems to have reinvigorated the company
and has given the management purpose with an 'us
against them' mentality. They are adding value as
opposed to destroying
value."
The only firepower remaining in Yahoo's
arsenal is to come up with a viable alternative,
Sanford C. Bernstein analyst Jeffrey Lindsay said.
Yahoo was close to a deal two weeks ago to join
with Time Warner Inc.'s AOL, with Time Warner
receiving a roughly 20% stake in the combined
entity and Yahoo buying back billions of dollars in
stock, people familiar with the matter
said.
At about the same time, Yahoo began a
test to outsource some of its search ads to Google.
Yahoo President Susan Decker said Tuesday that it
was too early to speculate on whether Yahoo would
form a permanent pact with
Google.
In the meantime, Microsoft's offer is
the best on the table, Valencia said.
"Investors can be emotional but they are
not sentimental, and there's a big difference
there," he said. "They are not going to stick
around and say, 'We really don't like the thought
of Yahoo being gobbled up by big, bad Microsoft so
let's give them some more time.' They don't care
about that. They are strictly
concerned with locking in their returns."
4.
Bylines
/The extent of the inquiry by the
Justice Department was unclear Wednesday. Neither
Google nor Yahoo would say what type of questions
the antitrust regulators asked.
"It's easy to see how there would be
antitrust questions about something like that,"
said Gary Reback, an antitrust attorney who
persuaded the Justice Department to pursue its
landmark antitrust case against Microsoft in the
1990s. "On the other hand, are those bigger than
having Microsoft acquire Yahoo?"
When the software giant made its
unsolicited bid for Yahoo in February, the
department said it would review the deal if it was
completed.
Robert E. Litan, a senior fellow at the Brookings
Institution and an antitrust official in the
Clinton administration, said the Justice Department
might be looking into the possible implications of
a long-term collaboration between Google and Yahoo.
An investigation into a short-term arrangement is
unusual, he said, but the length does not matter
under antitrust law.
"If two people or three people get in a room and
just temporarily price-fix . . . that would be
against the law," he said. "There's no immunity
just because it's a short-term deal."
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