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Yahoo in talks with AOL as Microsoft and News Corp flirt
Published in Saudi Press Agency on 10 - 04 - 2008


Yahoo and AOL could merge in a surprise move
to fend off Microsoft's bid for Yahoo, the Wall Street Journal
reported Thursday, according to dpa.
However the strategy could be thwarted by Microsoft, which is
holding talks with Rupert Murdoch's News Corp to form a joint bid for
the internet site, according to the New York Times. Such a deal would
create a new internet giant by combining Yahoo with Microsoft's MSN
and News Corp's MySpace.
The reports said Yahoo and AOL are "closing in on a deal" in
which Yahoo would receive a cash investment from Time Warner in
exchange for a 20-per-cent stake in the combined Yahoo-AOL business.
The deal, which would exclude AOL's fading dial-up internet access
business, would value AOL at about 10 billion dollars.
Yahoo has so far stridently rejected Microsoft's takeover bid,
which values the company at between 41 billion dollars and 45 billion
dollars.
The developments followed reports that Yahoo plans to outsource
some of its search advertising to Google in a bid to raise revenues.
The test programme is designed to allow the two sides to evaluate the
revenue potential of a broader search ad outsourcing arrangement.
While a broad alliance between the two search giants would likely
fail to pass antitrust regulations, a more limited partnership would
boost Yahoo revenues by allowing it to tap in to Google's more
profitable search advertising system.
The new approaches also followed criticism of Microsoft by
Yahoo's largest shareholder. Microsoft last week threatened to wage a
proxy campaign and lower its offer for the internet giant. But Bill
Miller, a portfolio manager at Legg Mason Inc, said Microsoft should
have raised its bid rather than threatening to lower it if Yahoo did
not accept the offer within three weeks.
"Telling shareholders you're going to take something away from
them is not a way to get their support," he told the Journal. Miller
also said he did not think Yahoo shareholders would support a
Microsoft-led proxy campaign to replace the current Yahoo board.
Microsoft offered some 46 billion dollars in a cash and stock
deal for Yahoo in late February. Yahoo rejected the deal as
undervaluing the company, and a subsequent drop in Microsoft's share
price means the offer is now worth some 41 billion dollars.


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