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  "documentTitle": "Yahoo | Mergers and Acquisitions Presentation Deck | 32 slides",
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  "authorName": "Yahoo",
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  "presentationDate": "2008-06-01 00:00:00",
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  "notes": "This slide is a defensive communication piece designed to counter narratives that the Yahoo! Board was uncooperative or obstructive during acquisition talks.",
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      "text": "Board consistently engaged with Microsoft",
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      "text": "Board rejected Microsoft's unsolicited offer for $31 per share based on its determination, with the advice of our financial advisors, that the offer substantially undervalued Yahoo! Board aggressively and expeditiously explored other alternatives to maximize stockholder value. Board and management team met with investors to share their view on our strategic plan and opportunities for Yahoo! Large stockholders urged Board to negotiate for higher price from Microsoft. Board made it clear through statements and actions that Yahoo! Board and management were open to a transaction. On May 17 and June 8 – before entering into Google agreement – Board members and management explicitly asked Microsoft if it was interested in a full company acquisition. Microsoft proposed last minute \"hybrid\" search-only structure, which does not benefit Yahoo! financially or strategically and is based on flawed assumptions.",
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      "text": "(1) Represents value of offer taking into account fluctuating value of Microsoft stock component from the close of business on the date of proposal through withdrawal date.",
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      "text": "Setting the Record Straight – Process to Date",
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