Posted by Mr. Saturday
這個謠言已經由來已久，市場一直有傳出微軟有意收購業績不振的 Yahoo!，聯合起來對付最大的敵人 Google，現在這個謠言終於被證實了，微軟提出 446 億美金的天價，希望併購 Yahoo!，等於每股以 31 塊美金收購，這比起 Yahoo! 這幾天的股價足足高出了 62%！
也因此 Yahoo! 的股票也在消息傳出之後，瞬間暴漲了 50% ! Yahoo! 方面也說會認真考慮這項併購的提案，所有人都睜大眼睛在看 Yahoo! 是否會接受讓公司被微軟併購。
此次併購的目的無非就是為了讓兩家公司聯合起來，搶攻日益茁壯、但卻被 Google 幾乎壟斷的線上廣告和搜尋市場。至於兩家公司加起來能不能發揮綜效，版回一成？亦或是被繁重的整合工作又更加拖累？錯失更多對抗 Google 的機會？我只能說，故事的發展真是令人期待！讓我們耐心等待 Yahoo! 的決定吧。
以下是微軟執行長 Steve Ballmer 給 Yahoo! 的公開信：(from TechCrunch)
January 31, 2008
Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Roy Bostock, Chairman
Attention: Jerry Yang, Chief Executive OfficerDear Members of the Board:
I am writing on behalf of the Board of Directors of Microsoft to make a proposal for a business combination of Microsoft and Yahoo!. Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo! common stock for per share consideration of $31 based on Microsoft’s closing share price on January 31, 2008, payable in the form of $31 in cash or 0.9509 of a share of Microsoft common stock. Microsoft would provide each Yahoo! shareholder with the ability to choose whether to receive the consideration in cash or Microsoft common stock, subject to pro-ration so that in the aggregate one-half of the Yahoo! common shares will be exchanged for shares of Microsoft common stock and one-half of the Yahoo! common shares will be converted into the right to receive cash. Our proposal is not subject to any financing condition.
Our proposal represents a 62% premium above the closing price of Yahoo! common stock of $19.18 on January 31, 2008. The implied premium for the operating assets of the company clearly is considerably greater when adjusted for the minority, non-controlled assets and cash. By whatever financial measure you use - EBITDA, free cash flow, operating cash flow, net income, or analyst target prices - this proposal represents a compelling value realization event for your shareholders.
We believe that Microsoft common stock represents a very attractive investment opportunity for Yahoo!’s shareholders. Microsoft has generated revenue growth of 15%, earnings growth of 26%, and a return on equity of 35% on average for the last three years. Microsoft’s share price has generated shareholder returns of 8% during the last one year period and 28% during the last three year period, significantly outperforming the S&P 500. It is our view that Microsoft has significant potential upside given the continued solid growth in our core businesses, the recent launch of Windows Vista, and other strategic initiatives.
Microsoft’s consistent belief has been that the combination of Microsoft and Yahoo! clearly represents the best way to deliver maximum value to our respective shareholders, as well as create a more efficient and competitive company that would provide greater value and service to our customers. In late 2006 and early 2007, we jointly explored a broad range of ways in which our two companies might work together. These discussions were based on a vision that the online businesses of Microsoft and Yahoo! should be aligned in some way to create a more effective competitor in the online marketplace. We discussed a number of alternatives ranging from commercial partnerships to a merger proposal, which you rejected. While a commercial partnership may have made sense at one time, Microsoft believes that the only alternative now is the combination of Microsoft and Yahoo! that we are proposing.
In February 2007, I received a letter from your Chairman indicating the view of the Yahoo! Board that “now is not the right time from the perspective of our shareholders to enter into discussions regarding an acquisition transaction.” According to that letter, the principal reason for this view was the Yahoo! Board’s confidence in the “potential upside” if management successfully executed on a reformulated strategy based on certain operational initiatives, such as Project Panama, and a significant organizational realignment. A year has gone by, and the competitive situation has not improved.
While online advertising growth continues, there are significant benefits of scale in advertising platform economics, in capital costs for search index build-out, and in research and development, making this a time of industry consolidation and convergence. Today, the market is increasingly dominated by one player who is consolidating its dominance through acquisition. Together, Microsoft and Yahoo! can offer a credible alternative for consumers, advertisers, and publishers. Synergies of this combination fall into four areas:
Scale economics: This combination enables synergies related to scale economics of the advertising platform where today there is only one competitor at scale. This includes synergies across both search and non-search related advertising that will strengthen the value proposition to both advertisers and publishers. Additionally, the combination allows us to consolidate capital spending.
Expanded R&D capacity: The combined talent of our engineering resources can be focused on R&D priorities such as a single search index and single advertising platform. Together we can unleash new levels of innovation, delivering enhanced user experiences, breakthroughs in search, and new advertising platform capabilities. Many of these breakthroughs are a function of an engineering scale that today neither of our companies has on its own.
Operational efficiencies: Eliminating redundant infrastructure and duplicative operating costs will improve the financial performance of the combined entity.
Emerging user experiences: Our combined ability to focus engineering resources that drive innovation in emerging scenarios such as video, mobile services, online commerce, social media, and social platforms is greatly enhanced.
We would value the opportunity to further discuss with you how to optimize the integration of our respective businesses to create a leading global technology company with exceptional display and search advertising capabilities. You should also be aware that we intend to offer significant retention packages to your engineers, key leaders and employees across all disciplines.
We have dedicated considerable time and resources to an analysis of a potential transaction and are confident that the combination will receive all necessary regulatory approvals. We look forward to discussing this with you, and both our internal legal team and outside counsel are available to meet with your counsel at their earliest convenience.
Our proposal is subject to the negotiation of a definitive merger agreement and our having the opportunity to conduct certain limited and confirmatory due diligence. In addition, because a portion of the aggregate merger consideration would consist of Microsoft common stock, we would provide Yahoo! the opportunity to conduct appropriate limited due diligence with respect to Microsoft. We are prepared to deliver a draft merger agreement to you and begin discussions immediately.
In light of the significance of this proposal to your shareholders and ours, as well as the potential for selective disclosures, our intention is to publicly release the text of this letter tomorrow morning.
Due to the importance of these discussions and the value represented by our proposal, we expect the Yahoo! Board to engage in a full review of our proposal. My leadership team and I would be happy to make ourselves available to meet with you and your Board at your earliest convenience. Depending on the nature of your response, 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.
We believe this proposal represents a unique opportunity to create significant value for Yahoo!’s shareholders and employees, and the combined company will be better positioned to provide an enhanced value proposition to users and advertisers. We hope that you and your Board share our enthusiasm, and we look forward to a prompt and favorable reply.
Sincerely yours,
/s/ Steven A. Ballmer
Steven A. Ballmer
Chief Executive Officer
Microsoft Corporation
過去的今天：
- Google辦公室趴趴走 - 2007
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上次好像有看到消息，以為是芭樂
沒想到是真的 囧
到後來會不會只剩一家存活，大家都被併光光了
變成大家都是自家人 沒啥好打的了 XD
[...] 2, 2008 · No Comments 雖然是意料中的事，不過金額還是高得嚇人。應該有成功的機率，直接拿下yahoo的市
根據各方報導，Microsoft以450億美元的代價，向雅虎提出收購，是次收購股東可選擇把手上股票變為現金或換為Microsoft的股票。其收價為31美元，較提出收購前的股價，有六成溢價，在消息傳出後，雅虎股價急升五成，以Google股價則因盈利不及市場預期以下跌。
以Microsoft的說法，是次收購主要為了對抗現時市場上的單一企業，希望借雅虎的力量共同對抗Google這隻網絡上的大老虎，Microsoft期望於一年內完成併購，並帶來近十億美元的協合效應。楊致遠出手後仍未見起息的雅虎也表示，會認真考慮Microsoft所作出的併購計劃。
以450億美金這個價錢可以買起一間近二十年歷史，在互聯網上具有相當地住的公司，Microsoft若然真的成功作出併購，在Microsoft看來是絕對成功的。以Microsoft手上充足的現金，450億美金只是一個小數目，但這個數字卻能成功為其撃敗市場上的第二對手，並且可以進一步增加自己在互聯網上的市場分額，對Microsoft來說是好事。
但對於Microsoft指出，併購雅虎可以帶來近十億美元的協同效應，並期望以此可以挑戰Google的龍頭地位，卻有點痴人說夢話。
首先，現先雅虎現時正面對轉型，由其web1.0覇主地位，轉型至web2.0這個階段，但雅虎自己卻久未能找到方向，即使楊致遠出手相助，但以其現時的做法，雅虎僅努力增強web1.0的功能，並無任何創新的計劃。難道正如Microsoft在併購文件中指出，Microsoft與雅虎己有十八個月的談評歷史，楊致遠僅希望雅虎被Microsoft併購後方有新動向，因此新計劃久未推出。
第二，Microsoft除了自家最強的產品windows外，在互聯網上不僅未有龍頭地位，其所有互聯網功能皆抄襲自其他不同公司，從未有自身創作，在講求創意及善用長尾理論的互聯網，Microsoft現在做的只是在以金錢買來一個地位，一個未有威脅的互聯網地位。
第三，雅虎與Microsoft在經營上同樣存在著包袱太大的問題，雅虎始終不願意放下自己入門級網站的身份，Microsoft始終不願意放棄與windows的連結及其金錢掛師的作風。若雅虎遭併購後，這類思維仍未有改變的話，協同效應將不能產生，因為一切只是簡單的換老闆行為，未有為企業帶來轉機。
第四，雅虎與Microsoft在現有互聯網服務上有多個重疊，如yahoo messenger及windows live messenger。單單解決兩者合併或資料互相對應的問題，相信以足夠兩家企業旗下的程式員所費心，若期望雙方在併購後短期內有新產品推出，真係發夢都無咁早。
有兩句說話在這次併購新聞後出現在博客文中，但卻具有水晶球作用：
１． Today this market is increasingly dominated by one player. Together, Microsoft and Yahoo! can offer a competitive choice （取自併購活動的press release）
２． 記得有一次 Google 的 CEO Dr Eric Schmidt 在一次蘋果 Keynote 說，現在 Web 2.0 年代，其實需要的是混合服務，例如 Google Map + iPhone + AT&T 的無線上網。這種合作，無需互相收購，但達到收購的效果，互利互惠。雅虎總裁楊生在某一件案件已經做了一次相當錯誤的決定，我希望他真的能細心考慮有關事情。（取自Macgrass.com）
Stone石先生
http://stoneip.blogspot.com
MBR 也做出分析了
http://blog.miula.cc/archives/90
我認為將會有一間 private equity 公司加入競爭，所以這件事情還有很多戲可以看。如果真的被微軟買去，那 Yahoo! 的品牌可能很快就會消失了，我相信這是楊致遠、David Filo、以及大部分 Yahoo 股東不願意見到的事。
雅虎啊，过去的几年里，做的很大，但是每一项都不强，几乎已经找不到很有特点的产品，很少killer app 。这种大而不强的公司处境堪舆啊。
[...] 說到 Google，它的
對此新聞有興趣的朋友，
可以參考 Fred 的【石墨工房】，
也有一篇很棒的相關文章。