Liveblogging From Yahoo Annual Meeting: Bostock Defends Microsoft Dealmaking (Or Lack Thereof)
Talking to Yahoo shareholders as if they were particularly thick and surly teenagers, Yahoo Chairman Roy Bostock articulated his umpteenth defense of the board’s handling of its dealmaking with Microsoft.
“I’d like to take you back–with all the hoopla, all the publicity that has surrounded the company, I think there has been a great deal of misinformation,” said Bostock about Yahoo’s (YHOO) dealings with Microsoft (MSFT) over the last year, speaking at its annual meeting this morning.
Thanks, Roy–glad you finally cleared things up!
Actually, not so much, as his speech was more of the same of what Yahoo has been saying in defense of its rejection of Microsoft’s $31 takeover bid in February.
(Meanwhile, a Microsoftie texted me: “Stand up and scream: Liar.”)
A Microsoft spokesman said as much in an official statement, released while the meeting was still taking place: “Yahoo is attempting to rewrite history yet again with statements that are not supported by the facts.”
Maybe not, but also from Bostock on the Microsoft situation:
On Yahoo’s behavior: “Proactively engaged.”
On the board’s efforts: “Encouraged Microsoft to engage.”
On the Microsoft offer to buy Yahoo’s search: “Not compelling.”
Overall: “As we have said repeatedly, we were open to a deal with Microsoft for the whole company and search, if it made sense.”
And, best of all, about activist investor Carl Icahn, who recently dropped his proxy fight against Yahoo and is set to join the Yahoo board in mid-August: “Carl’s a smart guy, he’s a good guy, despite some of the things that have been written about him.”
Well, by Bostock mostly, in a series of nasty letters he traded with Icahn before peace was declared.
Now onto Yahoo CEO Jerry Yang and President Sue Decker!