The Times Of London adds a few more details to the “Yahoo, everyone, talking to everyone” story from last week: It says that Yahoo’s bankers spent the holiday weekend talking to Time Warner’s bankers about an AOL deal, which it says Jerry is desperate to have in hand before the Aug. 1 shareholders meeting.
The online search engine is seeking to re-heat talks with the cable company about a possible merger with AOL, its internet arm, in a deal that could be worth as much as $10 billion (£5 billion).
Yahoo! is trying to secure some kind of deal before its shareholders meet to vote on whether to re-elect their board on August 1… Mr Yang, advised by Goldman Sachs, the Wall Street broker, is keen to secure an alternative offer to present to shareholders at the annual meeting.
We think that of all the possible outcomes for AOL, a Yahoo deal makes the most sense, depending on how it’s structured and executed. But this one — cobbled together in haste, under pressure, so that Jerry can try to save his hide — doesn’t sound too promising, does it?