Featured Articles

HP Stream is a Chromebook killer priced at $200

HP Stream is a Chromebook killer priced at $200

We have been hearing reports of a new breed of affordable Windows notebooks for months. It is alleged that a number…

More...
AMD Radeon R7 SSD line-up goes official

AMD Radeon R7 SSD line-up goes official

AMD has officially launched its first ever SSDs and all three are part of AMD’s AMD Radeon R7 SSD series.

More...
KitKat has more than a fifth of Android users

KitKat has more than a fifth of Android users

Android 4.4 is now running on more than a fifth of Android devices, according to Google’s latest figures.

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Tuesday, 12 August 2008 12:35

Yahoo wastes $36 Million on advice

Written by Nick Farell

Image

Cheaper selling itself to Microsoft


The Yahoo
Board not only wasted lots of shareholder money by not selling their souls to Microsoft, it appears that more than $36 million was wasted getting advice in how to tell Redmond to sling its hook.

Yahoo spent the cash on fees it has racked up for outside advice from bankers and lawyers, according to a filing with the Securities and Exchange Commission. Yahoo said it spent $36 million in the first half of 2008 on fees for outside advisers helping it handle Microsoft’s bid and Carl Icahn’s attempt to oust Yahoo’s board. Icahn later stopped the coup for a seat on the board.

Most of the cash went to Goldman Sachs, Lehman Brothers and Moelis & Company who were the financial firms that have been working with Yahoo as it considered Microsoft’s takeover offer and other strategic alternatives. Skadden Arps, Slate, Meagher & Flom who gave Yahoo such sterling legal advice were also understood to be laughing all the way to the bank.

The $36 million doesn’t include fees for July, when the company paid out shedloads to persuade its shareholders not to vote for Icahn’s rival Directors.
Last modified on Wednesday, 13 August 2008 02:23

Nick Farell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments