Yahoo Japan sought merger with Yahoo before Verizon deal
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YAHOO Japan Corp proposed a "merger of equals" with Yahoo Inc - but was rebuffed - during a months-long process that eventually led to Verizon Communications Inc acquiring the US Internet company's core assets for more than US$4.8 billion, according to a regulatory filing detailing the sales effort.
The board of Yahoo Japan in February sent a letter to Yahoo chairman Maynard Webb and chief executive officer Marissa Mayer about a deal that would hand the company's shareholders 50 per cent of the combined entity - and about US$14 billion in cash, according to the filing made last Friday. It also contemplated a commitment from Alibaba Group Holding Ltd to purchase about half of Yahoo's stake in the Chinese e-commerce company. The deal was rejected because it offered no premium and would have triggered a full tax hit for the shares of Alibaba.
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