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Yahoo Inc and Time Warner Inc are “closing in” on a deal where Yahoo would merge with Time Warner’s AOL Internet unit, brushing aside Microsoft’s bid for Yahoo, a source familiar with the talks said on Wednesday. Continue Reading»

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Pharmaceutical major Ranbaxy Laboratories, which has been linked to a hostile takeover bid of Chennai-based Orchid Chemicals, today said the company does not believe in such practices. “As a company, we do not believe in hostile takeovers,” a company spokesperson said.

Solrex Pharma, reportedly a Ranbaxy promoter group firm, had acquired over 8 per cent stake in Orchid Chemicals through open market purchases. The Ranbaxy official also declined to confirm or deny if Solrex Pharma is a part of the Ranbaxy Group.

Yesterday, a top Orchid Chemical official confirmed that Ranbaxy has acquired further stake in the company, but declined to give further details or on whether any meeting was held between the two companies.

“Ranbaxy has acquired around five per cent stake in the company (but) we are not going to comment on anything that has been speculated about the acquisition of the company,” Orchid Chemicals & Pharmaceuticals Managing Director Kailasam Raghvendra Rao said.

Orchid’s shares traded at Rs 220.7 in afternoon, down by 8 per cent on the Bombay Stock Exchange. Meanwhile, Ranbaxy shares also down by 8.6 per cent at Rs 462.15.

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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»

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Will Yahoo! get bullied around?

Yahoo is not opposed to a deal with Microsoft but Microsoft should pay more than $31 a share if it wants to buy the company, Yahoo plans to say in a letter to Microsoft, a person familiar with the matter said on Sunday. In the letter to be sent on Monday, Yahoo is also expected to reject Microsoft’s suggestion that its business is deteriorating, the person said.

Microsoft Chief Executive Steve Ballmer in a letter to Yahoo’s board on Saturday threatened to lower his company’s bid and mount a proxy campaign if the Internet company does not agree to a deal in the next three weeks.

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Microsoft, playing a bully yet again, has threatened to take its offer directly to the shareholders of the Internet giant Yahoo! and hinted even at a proxy contest for a new board, if an agreement is not reached within the next three weeks. Continue Reading»

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Turns out, Tata’s the winner

In an extremely low-key announcement, Tatas and Ford have announced the details of the deal for the transfer of the iconic car brand Jaguar and Land Rover. The total amount to be paid in cash by Tata Motors for Jaguar Land Rover upon closing will be approximately US $2.3 billion. Continue Reading»

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