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Home | Business | Yahoo Shares Rise on Reports of New Buyout Plan

Yahoo Shares Rise on Reports of New Buyout Plan

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David_Dunlap 04 December, 2008 12:43:00
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The new buyout reports came weeks after Yahoo founder Jerry Yang said he would step down as CEO once a replacement had been found. Yang has been widely criticized for his handling of negotiations with Microsoft, which in May offered to buy the company for as much as 47.5 billion dollars, but withdrew after Yang demanded more.

Shares in troubled web portal Yahoo rose as much as 16 percent Tuesday after a report that former AOL chief executive Jonathan Miller was trying to raise funds to buy out all or part of the company.

The Wall Street Journal reported that Miller was talking to private equity firms and sovereign wealth fund managers to raise as much as 30 billion dollars to purchase the company at between 20 dollars and 22 dollars a share.

The report followed a strongly-denied story in the Sunday Times of London that Miller was collaborating with Microsoft to fund a 20- billion-dollar purchase of the company's search business. ... Go to source


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Frank Feingold Frank Feingold is the resident IT guy for Ping! Zine and staff IT Editor. When he is not busy saving the servers from evil hackers, he can be found running his own shared hosting company Doreo.com. In his spare time he enjoys spending time with his family and shopping for new vehicles.]