Yahoo’s bankers (YHOO), presumably, are of the view that they gave Jerry Yang the board great advice…which they then ignored. Which is plausible.
Reuters: Yahoo Inc paid its financial advisers millions of dollars last year to defend the Internet company against Microsoft Corp’s unsolicited buyout offer, according to a filing.
Yahoo spent $79 million on outside advisers hired to advise it on Microsoft’s offer to buy all or part of the company, the pursuit of “other strategic alternatives, including the Google agreement,” the proxy fight and litigation costs, the company said.
Goldman Sachs and Lehman Bros, whose investment banking arm is now part of Barclays Capital Plc, were Yahoo’s main financial advisers.