SHOOT: Microsoft actually walked out of this the winner. They could have paid a hefty bill for a diamond losing its shine in Yahoo. Perhaps in the not too distant future both companies will merge - one of 'em in an effort to manage its contraction, even (if Yahoo doesn't transition into a content generator, possibly with its own slew of reporters) survival.
On Jan. 31, Steve Ballmer, CEO of the software giant Microsoft, sent a letter to the board of directors of Yahoo, offering to buy the Web company for $31 a share — a 62% premium to what the stock was trading for at the time. Yahoo rebuffed the offer, saying it vastly understated what the company was worth. Since then, Yahoo has watched its shares become worth 60% less, as investors grow ever-more-disenchanted with how the firm stacks up to Google in the game of squeezing ad revenue from the Internet. A lot of people lost money in Bear Stearns. Joseph Lewis puts them all to shame. The legendary currency trader, born in Britain but living in tax exile in the Bahamas, bought a 7% stake in the investment bank late last year. When the stock sank, Lewis doubled down, bringing his ownership up to 9.4%. By the time Bear collapsed in March, Lewis held 11 million shares, having paid some $1.2 billion all told. |
clipped from www.time.com
clipped from www.time.com
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