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Thursday, May 15, 2008 |
Yahoo Responds to Carl Icahn
Dear Mr. Icahn: We are in receipt of your letter with regard to your intention to seek control of Yahoo!'s board of directors. Unfortunately,
your letter reflects a significant misunderstanding of the facts about
the Microsoft proposal and the diligence with which our board evaluated
and responded to that proposal. A fair-minded review of the factual
record leads to one conclusion: that Yahoo!'s ten-member board,
comprised of nine independent directors along with Yahoo! CEO Jerry
Yang, remains the best and most qualified group to maximize value for
all Yahoo! stockholders. Conversely, we do not believe it is in
the best interests of Yahoo! stockholders to allow you and your
hand-picked nominees to take control of Yahoo! for the express purpose
of trying to force a sale of Yahoo! to a formerly interested buyer who
has publicly stated that they have moved on. Please may I remind you
that there is currently no acquisition offer on the table from that
company or any other party. That said, we have been crystal clear in
our stance that we have been and remain willing to consider any
proposal from any party including Microsoft if it offers our
stockholders full and certain value. From
the beginning of the process with Microsoft, Yahoo!'s independent
directors focused on one central goal: how best to maximize stockholder
value. At all times directing this process, Yahoo!'s independent
directors carefully considered Microsoft's initial unsolicited
proposal, which was at the time valued at $31 per share. After
considering input from its financial advisers the board unanimously
concluded that Microsoft's proposal significantly undervalued Yahoo!
and was, therefore, not in the best interests of the company or our
stockholders. While we rejected this offer publicly on February 11,
2008, we could not have been more clear in that communication and in
every subsequent communication, both public and private, that we were
and are willing to enter into any transaction that would maximize value
for stockholders and provide them certainty of value. The
record of our efforts to engage Microsoft in meaningful discussions is
unequivocal. Following receipt of Microsoft's proposal on January 31,
our board of directors has met over twenty times to review Microsoft's
proposal and Yahoo!'s other strategic alternatives. Throughout this
process our board kept an open mind and an open ear. Our independent
directors met with several of our largest stockholders to solicit their
views and to make it clear that Yahoo!'s independent board is fully
committed to maximizing stockholder value. In addition, at the
direction of our board, our management team met with many of our
investors to provide insight into Yahoo!'s strategy and views on value.
Our
board's openness also extended to Microsoft. Without reciting all of
the contacts between us and between our advisers, the senior-most
management of Yahoo! and Microsoft and the companies' respective
financial advisers spoke on numerous occasions and met in person seven
times. During those meetings, Yahoo! discussed its strategic objectives
in search and display advertising monetization, its perspectives on
operating strategy and integration in a transaction with Microsoft, its
perspectives on transaction synergies, and other non-price deal terms.
Because certainty of closing is a critical issue, we sought to
understand Microsoft's thinking with regard to the regulatory issues
associated with a potential transaction. In fact, at the board's
direction, our lawyers on March 28 asked for additional information in
this regard, information which was never forthcoming. On
April 15th, a meeting was held at Yahoo!'s request. At that meeting,
which included our respective financial advisors, we made clear, once
again, that we were open to a transaction with Microsoft. During those
discussions, Yahoo! made a detailed presentation of its strategic and
financial plan, its thoughts on integration and its view with respect
to the potential synergies that could be achieved in a transaction,
essentially laying the foundation for Microsoft to understand--and
respond to--our board's conclusion that Microsoft's offer substantially
undervalued the company. Following that meeting we also provided to
Microsoft a list of key non-price deal terms that our board believed
were critical items to be addressed in a deal to provide reasonable
protections for our stockholders. Throughout
this period, Microsoft continued to state that it would not raise its
offer, and even suggested that it could lower it. Despite this
failure by Microsoft to respond in any substantive way to any of
Yahoo!'s requests, on May 2nd, the same day we first learned of
Microsoft's apparent willingness to increase its proposal to $33
(although this oral "offer" was never delivered in writing and did not
include details of a cash/stock mix), our board determined to continue
discussions, instructing Jerry Yang to indicate to Microsoft that we
would be prepared to enter into a transaction that valued Yahoo! at $37
per share and that provided reasonable certainty of value and certainty
of closing. This was communicated to Microsoft in-person at a meeting
in Seattle on May 3rd. With Microsoft's offer at $33 and Yahoo!'s
counter-proposal at $37, Microsoft elected, within hours, to walk away
from the negotiating table and informed us that they were "moving on,"
having never engaged further on price or any of the key non-price deal
terms. In
short, Yahoo!'s board was at every point in this process prepared to
enter into a transaction with Microsoft that would maximize stockholder
value--and included certainty of value and closing. What Yahoo!'s
independent board refused to do was to allow control of this company to
be acquired for less than its full value. That brings us to
today. Our business is performing well as evidenced by our first
quarter results. As we have publicly stated, our board continues to
actively and expeditiously explore strategic alternatives to maximize
stockholder value. None of the alternatives we are considering would
preclude us from entering into a transaction with Microsoft or any
other party. We
continue to believe that Yahoo!'s current board has the independence,
the knowledge, and the commitment to navigate the Company through the
rapidly changing Internet environment and to deliver value for Yahoo!
and its stockholders. We look forward to a productive dialogue. Very truly yours, Roy Bostock Chairman of the Board
SOURCE: Yahoo! Inc. Yahoo! Inc.
Brad Williams, 408-349-7069 (Media)
bhw@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 (Media)
alm@abmac.com
Winnie Lerner, 212-371-5999 (Media)
wal@abmac.com
6:20:07 PM 
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Wednesday, May 14, 2008 |
Is it doable to canceL?
This is a phrase that is projected to be very hot in Late '08. Pretty much any time from now, all through the second half of the year.
'Is it doable to cancel?' Feel free to start gradually working it into your best conversations.
7:14:08 PM
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Tuesday, May 13, 2008 |
'Erin With an E'
photography : Kristiina Wilson
hair: Andy Starkweather
makeup: Souraya Hamdi
stylist: Yahaira
model : Erin @ ID
stylist's assistant: Dario Formica
Recommended: Erin With an E - Papierdoll Magazine.
Mod is back in a major way. One only need look at the success of a designer like Anya Teresse of Kate and Kass to see that mod is here to stay. Photographer Kristiina Wilson this month looks at Mod fashions for the Spring from a myriad of designers including Nanette Lepore, Julie Haus, Marc Jacobs and a host of others. In particular take a look at Julie Haus' double buttoned coat as a great accessory for Spring.
8:42:51 PM
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Sunday, May 11, 2008 |
Joseph Arthur Creates An Album Thru Blogging
Fresh popcorn everybody. Bag is hot! - Editor
Joseph Arthur Creates An Album Thru Blogging. 
One thing that singer/songwriter/artist Joseph Arthur has never been short on is creativity. The prolific artist probably has more songs sitting around in his head waiting to get out than we could ever comprehend. In an effort to help speed along the process of sharing new music and various pieces of artwork, Arthur has created Bag Is Hot.
At its basic form, it is a blog that he is constantly updating with recordings and imagery that is specifically created for this "living album." It will most likely morph into other forms, but we do have to give him credit for finding an efficient way to give fans a constant stream of treats.
Arthur describes Bag Is Hot like "fresh popcorn for all the kids to grab. Digital hands eating the digital popcorn. This project is fun and doesn't have to be precious, but it's hard not to take it seriously and really work on it. It's not, 'Bag is getting a little lukewarm - Bag is hot! It's gonna be slang soon!"
His own label, Lonely Astronaut, may be releasing the first installment of Bag Is Hot sometime before the end of the year. Check out this work in progress over at josepharthur.tumblr.com
Arthur is also hitting the road this summer, heading overseas in June and then returning for a round of dates in North America. Here are the shows on our shores:
07.04.08 - Montreal, QC (Club Soda)
07.09.08 - Boston, MA (Paradise)
07.10.08 - Philadelphia, PA (World Cafe Live)
07.11.08 - New York, NY (Bowery Ballroom - full band)
07.12.08 - Hoboken, NJ (Maxwell's)
07.15.08 - Los Angeles, CA (Troubadour)
07.18.08 - San Francisco, CA (Great American Music Hall)
07.21.08 - Portland, OR (Doug Fir)
07.22.08 - Seattle, WA (Triple Door)
07.24.08 - Vancouver, BC (The Media Club)
07.26.08 - Guelph, ON (Hillside Festival)
Joseph Arthur
MySpace
[The Tripwire]
4:43:48 PM
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Diamond
Gallery - Neil Diamond @ The Bitter End | NYC. 
You have to tip your cap at the legendary pop singer/songwriter Neil Diamond. Whether you care to admit it in public or not, chances are you never change the radio station whenever "Sweet Caroline" or "I Am... I Said" comes on. Diamond released his 27th, yes 27th, studio album, Home Before Dark, this week. To celebrate the occasion, he teamed up with MySpace for a secret performance at NYC's West Village famed music venue, The Bitter End.
Now, to put this in perspective, only the first 200 fans who lined up the morning of the show got it. Yup, The Bitter End is a tiny place, especially for an artist like Diamond. He did greet fans who were stranded in line to get in, and the club even placed speakers outside so that those who couldn't get in still got to enjoy his performance.
His set included both material from Home Before Dark as well as a variety of fan favorites. He gave acoustic renditions of "Solitary Man, "Don't Go There," "Home Before Dark," "Pretty Amazing Grace," "Kentucky Woman," "Cherry, Cherry" and of course, "Sweet Caroline."
For diehard fans who were unable to attend the show, footage will be available on MySpace at some point early next week. He is also set to embark on a world tour, which will indeed route him back through the US. Check out the photos from his performance at The Bitter End, and we'll post the tour dates under those.
Neil Diamond North American Tour Dates
07.19.08 - St. Paul, MN (Xcel Energy Center)
07.20.08 - St. Paul, MN (Xcel Energy Center)
07.22.08 - Sioux City, IA (Tyson Events Center)
07.24.08 - Omaha, NE (Qwest Center Omaha)
07.26.08 - Chicago, IL (United Center)
07.27.08 - Chicago, IL (United Center)
07.29.08 - Indianapolis, IN (Conseco Fieldhouse)
07.31.08 - Auburn Hills, MI (The Palace Of Auburn Hills)
08.03.08 - Cleveland, OH (Quicken Loans Arena)
08.05.08 - Washington, DC (Verizon Center)
08.07.08 - Hartford, CT (XL Center)
08.09.08 - Philadelphia, PA (Wachovia Center)
08.12.08 - New York, NY (Madison Square Garden)
08.14.08 - New York, NY (Madison Square Garden)
08.15.08 - New York, NY (Madison Square Garden)
08.18.08 - Pittsburgh, PA (Mellon Arena)
08.20.08 - Albany, NY (Times Union Center)
08.23.08 - Boston, MA (Fenway Park)
08.25.08 - Columbis, OH (Value City Arena)
08.27.08 - Green Bay, WI (Resch Center)
08.29.08 - St. Louis, MO (Scottrade Center)
09.14.08 - Winnipeg, MB (MTS Centre)
09.16.08 - Edmonton, AB (Rexall Place)
09.18.08 - Calgary, AB (Pengrowth Saddledome)
09.20.08 - Vancouver, BC (General Motors Place)
09.22.08 - Portland, OR (Rose Garden)
09.24.08 - Seattle, WA (KeyArena)
09.26.08 - Sacramento, CA (Arco Arena)
09.28.08 - San Jose, CA (HP Pavilion)
10.01.08 - Hollywood, CA (Hollywood Bowl)
10.02.08 - Hollywood, CA (Hollywood Bowl)
10.07.08 - San Diego, CA (San Diego Sports Arena)
10.10.08 - Glendale, AZ (Jobing.com Arena)
10.12.08 - San Antonio, TX (AT&T Center)
10.14.08 - Houston, TX (Toyota Center)
10.16.08 - Dallas, TX (America Airlines Center)
10.19.08 - Oklahoma City, OK (Ford Center)
10.21.08 - Tulsa, OK (BOK Center)
10.24.08 - Tampa, FL (St. Pete Times Forum)
10.26.08 - Ft. Lauderdale, FL (BankAtlantic Center)
10.28.08 - Orlando, FL (Amway Arena Orlando)
10.30.08 - Jacksonville, FL (Jacksonville Veterans Memorial Arena)
Neil Diamond
MySpace
[The Tripwire]
3:47:55 PM
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Saturday, May 10, 2008 |
Merging Galaxies
Touched. SPACE.com Image of the Day
The Antennae Galaxies are the closest known merging galaxies. --- The
galaxies NGC 4038 and NGC 4039 began their slow dance a few hundred million
years ago to create the merging system. Astronomers formerly believed it to be
some 65 million light-years away, but new research from the Advanced Camera for
Surveys onboard the Hubble Space Telescope shows the galaxies to be just 45
million light-years away. ---
 By (SPACE.com). [SPACE.com Image of the Day]
3:25:35 PM
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Friday, May 9, 2008 |
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Thursday, May 8, 2008 |
Source: paidContent.org
Virgin Mobile USA In Merger Talks With Helio; Other Options Still Being Considered.  From our sister site MocoNews: Virgin Mobile USA (NYSE: VM), the MVNO which just reported its Q1 earnings earlier this week, is in talks with the much smaller and troubled MVNO Helio, we have learned, even as other PE and strategic players are still circling both the companies. Helio is now controlled by SK Telecom (NYSE: SKM), after Earthlink (NSDQ: ELNK) stopped making further investments, and has been looking at options to either exit or grow. For VMUSA, as we have mentioned before, some PE players have been looking at investing in the company or buying it outright, and even if the VMUSA-Helio deal comes through, the two could use some extra cash...more details on our site MocoNews.
[paidContent.org]
7:49:03 PM
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© Copyright 2008 Gary Santoro.
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