REDMOND, Wash., July 7 /PRNewswire-FirstCall/ -- Microsoft Corp. today
issued the following statement:
(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO)
In the past week we have had the opportunity to discuss with Carl Icahn
the prospects for a possible agreement between Microsoft and Yahoo!.
Despite working since January 31 of this year, as well as in the early
part of last year, we have never been able to reach an agreement in a timely
way on acceptable terms with the current management and Board of Directors at
Yahoo!. We have concluded that we cannot reach an agreement with them. We
confirm, however, that after the shareholder election Microsoft would be
interested in discussing with a new board 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.
As Mr. Icahn notes in his statement today, it would be premature to
discuss at this time important details such as the price or other terms of a
possible transaction. We respect the right of Yahoo!'s shareholders to
determine the destiny of their company, and we do not intend to engage in
ongoing commentary on these issues in advance of Yahoo!'s shareholder meeting.
As we explained on June 12 when Yahoo! announced an agreement with Google,
we believe that our proposed search acquisition and partnership would have
delivered superior value to Yahoo!'s shareholders and the marketplace as a
whole. We have not changed our position, even as we continue to move forward
with our own online search and advertising offerings. We therefore welcome
interest by Mr. Icahn in pursuing this and other discussions.
While of course there can be no assurance of a future transaction, we will
be prepared to enter into discussions immediately after Yahoo!'s shareholder
meeting if a new board is elected.
About Microsoft
Founded in 1975, Microsoft (Nasdaq: MSFT) is the worldwide leader in
software, services and solutions that help people and businesses realize their
full potential.
Statements in this release that are "forward-looking statements" are based
on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of a number of
factors, including those set forth in Microsoft's annual report on Form 10-K
and quarterly reports on Form 10-Q, copies of which may be obtained by
contacting Microsoft Corporation's Investor Relations department at
(800) 285-7772 or at Microsoft Corporation's website at
http://www.microsoft.com/msft.
All information in this release is as of July 7, 2008. Microsoft
Corporation undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the company's
expectations.
SOURCE Microsoft Corp.
