Yahoo!’s Bill For Microsoft Acquisition Bid Advisory Team: $36 Million
In the last 8 months, Yahoo! Inc. (NASDAQ:YHOO) has had to deal with Microsoft Corporation (NASDAQ:MSFT) and Carl Icahn. A lot of time and money has been spent figuring out a solution to Microsoft’s unsolicited bid. Coming up with a solution required spending time with banks and lawyers.
In a filing with the S.E.C., Yahoo! stated that $36 million was spent in the first two quarters of 2008 to hire outside advisers in dealing with Icahn and Microsoft. A good amount of that cost was most likely paid to Moelis & Company, Goldman Sachs Group, Inc. (NYSE:GS), and Lehman Brothers Holdings Inc. (NYSE:LEH). Skadden Arps Slate Meagher & Flom was Yahoo!’s team of legal eagles.
According to The New York Times DealBook, the $36 million does not include the fees charged for the 2008 Annual Shareholders meeting on August 1 where Yahoo!’s board persuaded shareholders to vote for keeping the current board. The $36 million also does not include the “sunk time” and “pure distraction” spent dealing with the situation.@amitchowdhry or on Google+ at +AmitChowdhry