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Yahoo: Focus Switches To Search Deal With Microsoft 8 minutes ago November 7, 2008, 2:12 pm Yahoo: Focus Switches To Search Deal With Microsoft Posted by Eric Savitz Jerry Yang’s list of options for stopping the bleeding at Yahoo (YHOO) has continued to dwindle. Pressured by the Feds, Google (GOOG) pulled out of the search outsourcing deal. Despite speculation, Microsoft (MSFT) insists it doesn’t want to make a new bid to acquire the company. The value of the company’s Asian assets has been significantly crimped by the global economic and market decline. So what is he going to do? Several analysts today have asserted that Yahoo may end up doing a more narrow deal with Microsoft, selling the search business alone. Youssef Squali, an analyst with Jefferies & Co., asserted in a note today that “a deal over search is still very much in the cards.” He thinks Microsoft’s previous offer for search was worth about $8 a share, and contends the company could come back with a deal on similar terms to its first attempt to buy Yahoo’s search business. He says that would give Yahoo a sum-of-the-parts valuation in the $20.50-$22 a share range. Likewise, Collins Stewart analyst Sandeep Aggarwal asserts today that a search-only deal could lift YHOO shares by $8-$10. “We do not view Ballmer’s comments about no interest in [a] YHOO acquisition as an incremental data point,” he writes. “What is more important and incremental is that CEO Ballmer’s comments are providing clear endorsement that MSFT is still very interested in [a] search only deal.” Aggarwal says he thinks we can “expect to see a search only deal proposal from Microsoft,” and that it could be “a very near term event.” If Microsoft does make such an offer, he thinks Yahoo will have to take it for 4 reasons: There is no upside for the stock on a fundamental basis. Google continues to make Yahoo less relevant in search; they should sell now before it is too late. Core search has become a duopoly which will require billions in cap ex and engineers by the thousands; Yahoo can’t make that kind of investment. Shift in focus for Yahoo to rest of its business can potentially provide “a material upside in valuation” if the company can execute. YHOO today is down $1.85, or 13.3%, to $12.11. Übernahme wird kommen, aber arg viel mehr als 20$ pro Aktie wird es wohl nicht geben. Für mehr hätte Yang etwas diplomatischer vorgehen müssen. 50%-Chance! YAHOO! |
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| aus der Diskussion: | Yahoo! Jetzt der Rebound!? |
| Autor (Datum des Eintrages): | KarleLerding (07.11.08 21:56:57) |
| Beitrag: | 1,042 von 1,067 (ID:35876701) |
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