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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, March 18, 2008

Yahoo Releases Three-Year Financial Plan

Yahoo! today filed an investor presentation that details the Company's three-year financial plan and strategic initiatives which hopes to roughly double operating cash flow over the next three years from $1.9 billion to $3.7 billion and generate $8.8 billion in revenue excluding traffic acquisition costs (revenue ex-TAC) in 2010.  The plan represents the company's justification for refusing to negotiate with Microsoft, and management is expected to make the presentation to major shareholders.  According to the company's press release,

The presentation supports the unanimous determination by the Company's board of directors that Microsoft's January 31, 2008 unsolicited acquisition proposal substantially undervalues Yahoo!. The 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. Yahoo!'s board of directors is continuing to evaluate all of its strategic alternatives to maximize value for Yahoo! stockholders.

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