SUNNYVALE, Calif.--(Business Wire)--
Roy Bostock, Chairman of Yahoo! Inc. (Nasdaq:YHOO), a leading
global Internet company issued the following statement today in
response to Microsoft Corporation's announcement that it has withdrawn
its proposal to acquire Yahoo!:
"We remain focused on maximizing shareholder value and pursuing
strategic opportunities that position Yahoo! for success and
leadership in its markets. From the beginning of this process, our
independent board and our management have been steadfast in our belief
that Microsoft's offer undervalued the company and we are pleased that
so many of our shareholders joined us in expressing that view. Yahoo!
is profitable, growing, and executing well on its strategic plan to
capture the large opportunities in the relatively young online
advertising market. Our solid results for the first quarter of 2008
and increased full year 2008 operating cash flow outlook reflect the
progress the company is making. Today, Yahoo! has:
-- a refined strategic focus to drive enhanced volume and yield;
-- reorganized to focus its efforts on its most promising
products and services;
-- invested in innovations designed to revolutionize display
advertising and facilitate closing the competitive gap in
search; and
-- enhanced expense and resource management to support improved
profitability."
Jerry Yang, co-founder and chief executive officer, Yahoo! Inc.
added, "I am incredibly proud of the way our team has come together
over the last three months. This process has underscored our unique
and valuable strategic position. 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."
About Yahoo! Inc.
Yahoo! Inc. is a leading global Internet brand and one of the most
trafficked Internet destinations worldwide. Yahoo! is focused on
powering its communities of users, advertisers, publishers, and
developers by creating indispensable experiences built on trust.
Yahoo! is headquartered in Sunnyvale, California. For more
information, visit pressroom.yahoo.com.
Yahoo! and the Yahoo! logos are trademarks and/or registered
trademarks of Yahoo! Inc. All other names are trademarks and/or
registered trademarks of their respective owners.
Yahoo! Inc.
Tracy Schmaler, 202-631-9463 (Media)
schmaler@yahoo-inc.com
Diana Wong, 408-505-9422
dianaw@yahoo-inc.com
Marta Nichols, 408-349-3527 (Investors)
mnichols@yahoo-inc.com
or
The Abernathy MacGregor Group for Yahoo! Inc.
Adam Miller, 212-371-5999
alm@abmac.com
Copyright Business Wire 2008
