M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Wednesday, September 7, 2011

Yahoo up for sale?

Last night came the bombshell that Yahoo has fired its CEO, Carol Bartz.  Before the firm had a chance to announce it, Ms. Bartz sent out an all-hands email announcing that she was abruptly let go.  Here it is in its entirety:

To all,

I am very sad to tell you that I’ve just been fired over the phone by Yahoo’s Chairman of the Board. It has been my pleasure to work with all of you and I wish you only the best going forward.


Sent from my iPad

 From her iPad.  I like that. In any event, Bartz's firing comes some three years or so after she was brought in to clean up the mess made by Jerry Yang following the whole debacle with Microsoft.  Yahoo passed on a chance to be bought by Microsoft back then, hoping to make it big on their own.  That hasn't panned out.  Now, everything - including a sale - is under consideration (AllThingsD):

The board of Yahoo, which ousted its CEO Carol Bartz today in a unanimous decision, is exploring a range of possible strategies to turn around its moribund growth, including possible acquisitions, shedding units, bringing in new investment partners and even taking the company private or selling it.

A sale is the least likely of options, said sources close to the situation, but — given today’s news — Yahoo might attract a lot of attention from investors seeking to take advantage of the company’s powerful but troubled assets.

“It is all on the table,” said one source close to the company.

I wonder if Jerry is searching the back of his desk drawer for that old Balmer business card.  The board hasn't made any decisions, yet, so there are no Revlon obligations triggered at this point, so there is no sale.  But, unlike before, they are at least open to one now.   And if Yahoo is really looking to hire a new CEO, there are already people lining up for the job (see below).

For those of you on the academic calendar, school's back in session, we're all back to a more or less regular schedule again with classes, etc.  




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