Yahoooo…Yahoo! shows Microsoft the finger
Kavit Sharma 08 Apr 2008 | : Acquisitons & Mergers, Business News - Global
Yahoo’s response to Microsoft offer
Board of Directors of Yahoo! Inc. have rejected Microsoft’s offer in a letter sent to Steve Ballmer, Chief Executive Officer of Microsoft Corporation.
Board cited various reasons for this decision, which include “Yahoo!”’s global brand name, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as its substantial unconsolidated investments. The letter also said that Yahoo! continues to believe that the proposal is not in its best interests and those of its stockholders.
Finally, the letter concluded with this strong statement against Microsoft: “Contrary to statements in your letter, stockholders representing a significant portion of our outstanding shares have indicated to us that your proposal substantially undervalues Yahoo!. Furthermore, as a result of the decrease in your own stock price, the value of your proposal today is significantly lower than it was when you made your initial proposal. ”
The original letter addressed to Steve Balmer.. Continue Reading »
Now, AMD to cut 1600 jobs
Kavit Sharma 08 Apr 2008 | : Business News - Global, Business News - India, Business News affecting Freshmen
US Electronics giant Advanced Micro Devices (AMD), which also has offices in India, announced on Tuesday that it will cut 10 per cent of its global payroll or over 1,600 jobs, because of deteriorating business conditions.
AMD, the second largest American chipmaker which has been facing problems largely because of a resurgent Intel, will begin reducing its workforce this month and the process is expected to be completed by the end of September. AMD expects to report revenue of USD 1.5 billion, down 15 per cent from the last quarter. AMD said that the revenue drop was caused by lower-than-expected sales across all business segments. The decline was more than expected.
However, details regarding the locations of job-cuts by the company, which has offices at Mumbai, Bangalore and New Delhi, were not given.
The reduction will be “global and will span all groups and all levels within the company and be based on business needs,” AMD spokesman Drew Prairie said.
