Yahoo's stock tops $38 for 1st time in 5 years
SAN FRANCISCO (AP) - Yahoo's stock is close to doing what many thought would be impossible: eclipsing the price that Microsoft offered to buy the Internet company for in 2008.
The stock crossed a symbolically important milestone on Thursday when it topped US$30 (S$38) for the first time since February 2008, when Yahoo co-founder and then-CEO Jerry Yang was drawing up ways to fend off an unsolicited takeover bid from Microsoft Corp. The bid was later withdrawn after several months of fruitless negotiations.
Mr Yang insisted that Yahoo Inc. would be worth more than the US$31 per share that Microsoft initially offered, and didn't waver even after the bid was raised to US$33 per share. After Microsoft scrapped the proposed deal, Yahoo's stock went into a prolonged slide. It fell as low as US$8.94 under the direction of five different CEOs before Marissa Mayer took over after defecting from a top executive job at Google Inc. in July 2012.
Since then, Yahoo's stock has nearly doubled in value as Ms Mayer has taken steps to boost sagging employee morale, spent more than US$1.2 billion on mostly small acquisitions, redesigned key products and used the proceeds from a windfall investment in Chinese Internet company Alibaba to return more than US$3 billion to shareholders.