Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
My Profile
Holiday Gift Guide
Gift ideas & reviews for this holiday season
Start Browsing
You are here:
Home
>
News
>
Technology
>
Article
Home
Business & Finance
News
U.S.
Politics
International
Technology
Internet
Holiday Gift Guide
Entertainment
Sports
Lifestyle
Oddly Enough
Environment
Health
Science
Special Coverage
Video
Pictures
You Witness
The Great Debate
Blogs
Reader Feedback
Do More With Reuters
RSS
Widgets
Mobile
Podcasts
Newsletters
You Witness News
Make Reuters My Homepage
Partner Services
CareerBuilder
Affiliate Network
Professional Products
Support (Customer Zone)
Reuters Media
Financial Products
About Thomson Reuters
Ex-AOL boss looking to raise cash for Yahoo bid
Tue Dec 2, 2008 4:29pm EST
Email | Print |
Share
| Reprints | Single Page
[-]
Text
[+]
NEW YORK (Reuters) - Former AOL Chief Executive Jonathan Miller is seeking as much as $30 billion from investors to buy all or part of Yahoo Inc, The Wall Street Journal reported on Tuesday, boosting shares of the Web search engine by 7 percent.
But raising so much money in the current market may be tough, with banks unwilling to lend and several deals falling apart as companies find it nearly impossible to issue debt to finance acquisitions.
Miller, an Internet industry veteran, wants to raise funds to buy Yahoo for $20 to $22 a share, or $28 billion to $30 billion, for the entire company, the Journal reported, citing people familiar with the matter.
Yahoo has a market value of $15.7 billion.
Speculation about possible deals has been widespread after Microsoft Corp withdrew a $47.5 billion offer to buy Yahoo in May after Yahoo's board and its then-CEO Jerry Yang rejected it as too low.
Sandeep Aggrawal, an analyst at Collins Stewart, said Miller's move could make Yahoo a more valuable asset, increasing the pressure on Microsoft to do a deal focused on the Internet company's search assets.
Microsoft CEO Steve Ballmer has ruled out his company's interest in buying all of Yahoo, but indicated a search deal may still be possible.
"Miller is a well-regarded executive who did a good job at AOL and is seen as an Internet visionary," Aggrawal said.
Miller led AOL, Time Warner Inc's online advertising division, from 2002 to 2006. He is now a partner at Velocity Interactive Group, an investment firm focused on digital media.
But analysts were skeptical Miller's plan would succeed, given the current market environment and Yahoo's multiple challenges -- including a search for a new CEO after co-founder Yang stepped down last month and coping with a shrinking display advertising market.
"Right now I would find it very hard to believe that there is that kind of money lying around to buy Yahoo," said Youssef Squali, an analyst at Jefferies & Co.
Raising even half the amount -- $15 billion -- would be tough, he added.
According to the Journal, Miller has talked to private equity investors and sovereign wealth funds for months about raising money for a deal.
In a research note, Cowen & Co analysts Jim Friedland and Kevin Kopelman said private equity and sovereign fund investors may not want to shell out such a significant premium for Yahoo, given its market value and declining share of the online search market.
Sovereign wealth funds may yet come to Yahoo's rescue. Earlier this year, Advanced Micro Devices secured substantial investment from a venture capital firm owned by the Abu Dhabi government for a $5.7 billion joint venture.
Miller has discussed the idea with some Yahoo board members but it has not come up for an official board discussion yet, the Journal reported. Continued...
View article on single page
Share:
Del.icio.us
Digg
Mixx
My Web
Facebook
LinkedIn
Next Article:
UPDATE 3-Ex-AOL boss looking to raise cash for Yahoo bid
Gameworld
Videogames on vacation
Videogame makers are designing their consoles with the holiday traveler in mind; making them more of an end destination. Full Article
Editor's Choice
Pictures
Video
Articles
Slideshow
A selection of our best photos from the past 24 hours. Slideshow
State funding
Perfect Beauty
Live for free
International: Tribal politics key to building bridges
Environment: Soot darkens ice, stokes Arctic melt
Lifestyle: Earthlings, space beer has landed
Most Popular on Reuters
Articles
Video
Recommended
Patrick Swayze denies reports he is near death
Insomnia drug helps jet-lag, shift-work troubles
Chances of WMD attack in big city greater: report
Credit-card industry may cut $2 trillion lines: analyst
Automakers desperate bailout plea gaining support
US FCC to mull free Internet plan at Dec. meeting
Thai court disbands ruling party | Video
Bargain-hunters fail to save retail sales
Lots of TV and Web harms kids' health | Video
Canada government may seek to suspend Parliament
Most Popular Articles RSS Feed
Video
Clinton joins Team Obama
U.S. officially in a recession
Talk of the Town:Madonna goes south
Bernanke keeps finding new tools
Obama and the States
Obama taps Clinton, Gates
Kim Jong-il enjoys day at the zoo
Space beer lands in Japan
Indian stars hold Mumbai vigil
Police targeted in Iraq bombings
Most Popular Videos RSS Feed
Column
Eric Auchard:
Ecommerce woes
Recent data suggest the online retail industry is bracing for flat or even contracting holiday sales. Full Article
Reuters Deals
The global destination for corporate leaders, deal-makers and innovators
Knowledge to Act
Reuters.com:
Help and Contact Us |
Advertise With Us |
Mobile |
Newsletters |
RSS |
Interactive TV |
Labs |
Reuters in Second Life |
Archive |
Site Index |
Video Index
Thomson Reuters Corporate:
Copyright |
Disclaimer |
Privacy |
Professional Products |
Professional Products Support |
About Thomson Reuters |
Careers
International Editions:
Africa |
Arabic |
Argentina |
Brazil |
Canada |
China |
France |
Germany |
India |
Italy |
Japan |
Latin America |
Mexico |
Russia |
Spain |
United Kingdom |
United States
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.