After an unsuccessful take-over attempt from Microsoft, and a failed ad-revenue sharing deal with Google, things at Yahoo are again looking up with Jonathan Miller, an ex AOL chief exec showing keen interest in taking over the all or part of the internet giant, the Wall Street Journal reported on Tuesday.
As per the reports, Miller has been persuading investors and sovereign wealth funds to raise around $28 billion to $30 billion, and is expected to make an offer between $20 to $22 per share.
Yahoo’s share soared by as much as 9 percent to $11.74, as the news of the probable take-over hit the floor yesterday, and finally closed at USD 11.50, registering an overall rise of 7.08 percent.
However, with the world economy going tailspin, market experts are sceptic about Miller’s success in raising such a huge amount of money, as banks and companies are reluctant to provide finance for acquisitions.
Back in August, Miller was all set to be appointed in Yahoo’s board, before Time Warner, AOL’s owner, exercised non-compete clause to stop him from assuming the job.
Miller, had already served as a chief exec at AOL from 2002 to 2006, and is currently a partner at Velocity Interactive Group, an investment company aimed at digital media.
- Jonathan Miller scouts for interest in Yahoo bid