Is the Yahoo! Turnaround On Track?
January 30, 2013 - 8:35am
One of the more interesting investment stories in the Internet space is the turnaround taking place at Yahoo (NASDAQ: YHOO). The company, which has seen its revenues fall sharply in recent years, has become a target of activist investors amid its struggles.
In 2008, Carl Icahn purchased a large stake in the company and proceeded to muscle his way onto Yahoo's board of directors after it inexplicably turned down a $47.5 billion, or $33 per share, acquisition offer from Microsoft (NASDAQ: MSFT).
Originally, Microsoft bid $44.6 billion or $31 per share for the company in February 2008. At the time, the offer represented a 62 percent premium over the stock's closing price. Even after the deal was sweetened by $2 per share, Yahoo co-founder and CEO Jerry Yang wouldn't bite. That mistake ended up costing Yang his job.
He was replaced by former Autodesk (NASDAQ: ADSK) CEO C...
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