안녕하세요. 블로거 '떡이떡이'입니다. 자유게시판에 글을 남기면 첫화면에 노출됩니다. 클릭질에 밤새는 재미 쏠쏠하죠~ 미친듯이 클릭하고, 가치 있는 정보를 긁어모아 BOA요!

Dear Steve:

Our Board has reviewed your most recent letter with regard to the unsolicited proposal you made to acquire Yahoo! on January 31, 2008.

Our Board carefully considered your unsolicited proposal, unanimously concluded that it was not in the best interests of Yahoo! and our stockholders, and rejected it publicly on February 11, 2008. Our Board cited Yahoo!'s global brand, 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, as factors in its decision.

At the same time, we have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders. Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo!, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders.

Since disclosing our Board's position with respect to your proposal, we have presented our three-year financial and strategic plan to our stockholders, which supports our Board's determination that your unsolicited proposal substantially undervalues Yahoo!. Those meetings with our stockholders have also provided us an opportunity to hear their views.

We have continued to launch new products and to take actions which leverage our scale, technology, people and platforms as we execute on the strategy we publicly articulated. Today, in fact, we are announcing AMP! from Yahoo!, a new advertising management platform designed to dramatically simplify the process of buying and selling ads online.

Finally, our Board has been actively and expeditiously exploring our strategic alternatives to maximize stockholder value, a process which is ongoing. All of these actions have been driven by our overarching commitment to maximize stockholder value.

Our Board's view of your proposal has not changed. We continue to believe that your proposal is not in the best interests of Yahoo! and our stockholders. 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.

In contrast to your assertions about the effect of general economic conditions on our business, Yahoo!'s business forecasts are consistent with what we outlined in our last earnings call. As you know, we recently reaffirmed our Q1 and full year guidance, which is a testament to our ability to perform in line with our expectations despite the current economic environment. In addition, our three-year financial and strategic plan which we have made public demonstrates significant potential upside not previously communicated to the financial markets. This plan has received positive feedback from our stockholders, further strengthening the view that Yahoo! is worth well more as a standalone company than the value offered in your proposal, and would be even more valuable to Microsoft. Your own statements have made clear the strategic importance of Yahoo!'s substantial assets and capabilities to Microsoft.

We regret to say that your letter mischaracterizes the nature of our discussions with you. We have had constructive conversations together regarding a variety of topics, including integration and regulatory issues. Your comment that we have refused to enter into negotiations to conclude an agreement are particularly curious given we have already rejected your initial proposal, nominally $31 per share at the time, for substantially undervaluing Yahoo! and your suggestions in your letter and the media that you are considering lowering the value of your proposal. Moreover, Steve, you personally attended two of these meetings and could have advanced discussions in any way you saw fit.

As to antitrust, we have discussed with you our concerns. Any transaction between us would result in a thorough regulatory review in multiple jurisdictions. As a follow up to a recent meeting among our respective legal advisors we had on this topic, and at your request, we provided to you on March 28 a list of additional information we would need to further our understanding of the regulatory issues associated with any transaction. To date, you have still not provided any of the requested information.

We consider your threat to commence an unsolicited offer and proxy contest to displace our independent Board members to be counterproductive and inconsistent with your stated objective of a friendly transaction. We are confident that our stockholders understand that our independent Board is best positioned to objectively and knowledgeably evaluate our Company's alternatives and to maximize value.

In conclusion, please allow us to restate our position, so there can be no confusion. We are open to all alternatives that maximize stockholder value. To be clear, this includes a transaction with Microsoft if it represents a price that fully recognizes the value of Yahoo! on a standalone basis and to Microsoft, is superior to our other alternatives, and provides certainty of value and certainty of closing. Lastly, we are steadfast in our commitment to choosing a path that maximizes stockholder value and we will not allow you or anyone else to acquire the company for anything less than its full value.

                                  Very truly yours,

Roy Bostock                       Jerry Yang
Chairman of the Board             Chief Executive Officer

싸이월드 글로벌 전략 재구축 본격화
- 싸이월드 6개 해외법인 별 성장가능성 따라 전략 및 투자 우선순위 조정

(SK커뮤니케이션즈 = 2008/03/07) SK커뮤니케이션즈(대표 박상준)가 글로벌 사업전략을 재구축한다.
 
SK커뮤니케이션즈는 기존 6개 해외법인의 성장성과 수익성을 검토하여 지속투자, 해외현지 파트너 모색(지분조정), 사업철수 등 해외법인 별 전략 및 투자 우선 순위를 변경할 예정이라고 밝혔다.
 
SK커뮤니케이션즈는 먼저 경쟁사업자의 시장진입이 빨라 사업성이 낮고 추가 투자 부담이 있는 독일시장에서 철수하기로 했다. 이와 관련 SK커뮤니케이션즈는 6일 이사회를 열고 싸이월드 유럽법인(Cyworld Europe GmbH)을 정리하기로 결정했다.
 
SK커뮤니케이션즈 유럽법인은 2006년 7월 독일 통신업체 도이치텔레콤 계열 T-Online Venture Fund와의 합작법인으로 출범했으나 글로벌사업자 마이스페이스닷컴과 스투디비즈(StudiVZ), 스카이락(Skyrock), 베보(Bebo) 등 언어 권역 별로 강력한 로컬사업자들이 급성장해 양사 합의로 사업정리를 결정한 것으로 알려 졌다.
 
SK커뮤니케이션즈의 박상준 대표는 “글로벌 사업 재구축은 수익성이 미진한 출자 법인을 정리하여 지분법 손실 규모를 최소화하기 위한 것으로 수익성과 성장성을 갖춘 법인들에 대해서는 선별적으로 투자를 강화할 것”이라며,
 
“SK커뮤니케이션즈의 글로벌 전략은 기존 싸이월드 위주 진출에 대한 투자 우선 순위 조정을 포함하여 SK커뮤니케이션즈의 다양한 인터넷 서비스 역량이 조속히 발휘될 수 있도록 전개될 것”이라고 밝혔다.
 
엠파스와의 합병으로 지난해 11월 통합법인으로 출범한 SK커뮤니케이션즈는 검색(엠파스,네이트닷컴)과 커뮤니티(싸이월드) 등 국내외 주력사업에 집중하고 있으며, 국내외 한계사업 정리 등 선택과 집중을 위한 조치를 지속적으로 실시하고 있다.(끝)