MS가 1일 콘퍼런스 콜에서 공개한 온라인 광고시장 추이 / MS 본사 제공
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주당 31달러에…프리미엄 62% 더해진 수준 야후 "MS사 인수 제의에 신중하게 검토 중" 급성장 온라인 광고시장서 구글 견제 노린듯
세계 최대 소프트웨어업체 마이크로소프트(MS)가 인터넷 포털 야후(Yahoo) 인수를 제의한 것으로 확인됐다. 그 동안 업계에서 소문으로만 나돌던 야후 인수설이 사실로 드러난 것이다. 인수가 성사될 경우 MS는 세계 최대 검색업체인 구글을 견제할 수 있는 회사로 급부상하게 될 전망이다.
MS는 1일(현지시각) 현지 언론에 배포한 보도자료에서 “446억 달러(한화 약 42조원, 주당 31달러)에 인수하겠다는 제안을 1일 야후 측에 제시했다”고 밝혔다.
[관련 자료] MS 콘퍼런스 콜 PPT 원문 내려받기
MS는 자료에서 “주당 31달러는 전일 종가 기준(2008년 1월 31일 19.18달러)에서 프리미엄 62%가 더해진 것”이라며 “야후 주주들은 현금이나 주식 등을 선택해 받을 수 있다”고 설명했다. MS는 2006년 말과 지난해 초에도 야후측에 사업 협력을 제안한 바 있다. 당시 인수 시도는 야후측의 거부로 무산됐었다.
스티브 발머(Steve Ballmer) MS CEO는 “우리는 야후 서비스를 매우 존중해 왔다”며 “함께 하면 사용자들, 콘텐츠 게시자들, 광고주들을 위한 흥미로운 솔루션들을 제시할 수 있을 것”이라고 말했다. 이어 그는 “우리는 이러한 조합이 각자의 주주들에게 더 나은 가치를 주고, 사용자들과 업계 파트너들에게 더 나은 선택을 할 수 있을 것으로 믿는다”고 덧붙였다.
레이 오지(Ray Ozzie) MS 수석 아키텍트 역시 “두 팀의 조합이 사용자들에게 더 폭넓은 새 경험을 줄 수 있을 것”이라고 전망했다.
온라인 광고 시장은 매우 빠르게 성장하고 있다. 2007년에 400억 달러였던 것이 2010년에는 약 두배 수준인 800억 달러로 성장할 것으로 예상된다.
특히 MS는 공식 자료에서 “광고 플랫폼이 통합과 컨버전스로 변화하고 있는 과정”이라며 “하지만 현재는 시장은 한 기업이 지배하고 있다(Today this market is increasingly dominated by one player)”고 강조했다. 여기서 언급한 한 기업은 ‘구글(Google)’을 뜻하는 것으로 보인다.
이에 대해 야후는 1일 언론에 배포한 보도자료에서 "야후 이사회는 요청한 적 없는(Unsolicited) MS의 제안에 대해 평가를 할 것"이라고 공식 입장을 짧게 발표했다.
야후는 자료에서 "이사회에서 신중하면서도 신속하게 제안을 검토할 것"이라며 "주주들의 장기적인 가치를 극대화할 수 있는 최선의 방안을 추구할 것"이라고 밝혔다.
◆야후, 이보다 더 어려울 수 없다?
한편, MS가 인수를 제의한 야후 본사는 고질적인 실적 부진에 시달리면서 올 초부터 시련의 계절을 보내고 있다.
테리 세멜(64, Terry Semel) 야후 회장이 지난해 6월 CEO(최고경영자)자리에서 물러난 지 7달 반만인 지난달 31일 회장직에서도 물러났다. 특히 세멜 회장은 '실적 부진' 등의 이유로 주주들의 압력에 의해 회장직에서도 물러나면서 야후의 고민이 깊어지고 있다.
지난달 말에는 야후가 1만4300명 전체 직원의 7%에 달하는 1000명을 감원하기로 결정하는 등 경영난을 타개를 위해 CEO에 복귀한 창업자 제리 양의 노력이 진행되고 있다. 야후는 이를 통해 약 2500만 달러를 절약할 수 있을 것으로 내다보고 있다.
야후는 지난해 4분기 순익이 전년 대비 23% 줄어든 2억5700만 달러를 기록했으며 올해 전망도 불투명하다.
최근 미국 시장기관인 컴스코어 자료에 따르면 구글은 62.4%로 시장 점유율 1위를 지켰다. 야후는 12.8%로 2위를 유지하고 있다.
아래는 MS가 야후 이사회에 보낸 인수제의 e메일 전문이다.
Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Roy Bostock, Chairman
Attention: Jerry Yang, Chief Executive Officer
Dear Members of the Board:
I am writing on behalf of the Board of Directors of Microsoft to make a proposal for a business combination of Microsoft and Yahoo!. Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo! common stock for per share consideration of $31 based on Microsoft’s closing share price on January 31, 2008, payable in the form of $31 in cash or 0.9509 of a share of Microsoft common stock. Microsoft would provide each Yahoo! shareholder with the ability to choose whether to receive the consideration in cash or Microsoft common stock, subject to pro-ration so that in the aggregate one-half of the Yahoo! common shares will be exchanged for shares of Microsoft common stock and one-half of the Yahoo! common shares will be converted into the right to receive cash. Our proposal is not subject to any financing condition.
Our proposal represents a 62% premium above the closing price of Yahoo! common stock of $19.18 on January 31, 2008. The implied premium for the operating assets of the company clearly is considerably greater when adjusted for the minority, non-controlled assets and cash. By whatever financial measure you use - EBITDA, free cash flow, operating cash flow, net income, or analyst target prices - this proposal represents a compelling value realization event for your shareholders.
We believe that Microsoft common stock represents a very attractive investment opportunity for Yahoo!’s shareholders. Microsoft has generated revenue growth of 15%, earnings growth of 26%, and a return on equity of 35% on average for the last three years. Microsoft’s share price has generated shareholder returns of 8% during the last one year period and 28% during the last three year period, significantly outperforming the S&P 500. It is our view that Microsoft has significant potential upside given the continued solid growth in our core businesses, the recent launch of Windows Vista, and other strategic initiatives.
Microsoft’s consistent belief has been that the combination of Microsoft and Yahoo! clearly represents the best way to deliver maximum value to our respective shareholders, as well as create a more efficient and competitive company that would provide greater value and service to our customers. In late 2006 and early 2007, we jointly explored a broad range of ways in which our two companies might work together. These discussions were based on a vision that the online businesses of Microsoft and Yahoo! should be aligned in some way to create a more effective competitor in the online marketplace. We discussed a number of alternatives ranging from commercial partnerships to a merger proposal, which you rejected. While a commercial partnership may have made sense at one time, Microsoft believes that the only alternative now is the combination of Microsoft and Yahoo! that we are proposing.
In February 2007, I received a letter from your Chairman indicating the view of the Yahoo! Board that “now is not the right time from the perspective of our shareholders to enter into discussions regarding an acquisition transaction.” According to that letter, the principal reason for this view was the Yahoo! Board’s confidence in the “potential upside” if management successfully executed on a reformulated strategy based on certain operational initiatives, such as Project Panama, and a significant organizational realignment. A year has gone by, and the competitive situation has not improved.
While online advertising growth continues, there are significant benefits of scale in advertising platform economics, in capital costs for search index build-out, and in research and development, making this a time of industry consolidation and convergence. Today, the market is increasingly dominated by one player who is consolidating its dominance through acquisition. Together, Microsoft and Yahoo! can offer a credible alternative for consumers, advertisers, and publishers. Synergies of this combination fall into four areas:
Scale economics: This combination enables synergies related to scale economics of the advertising platform where today there is only one competitor at scale. This includes synergies across both search and non-search related advertising that will strengthen the value proposition to both advertisers and publishers. Additionally, the combination allows us to consolidate capital spending.
Expanded R&D capacity: The combined talent of our engineering resources can be focused on R&D priorities such as a single search index and single advertising platform. Together we can unleash new levels of innovation, delivering enhanced user experiences, breakthroughs in search, and new advertising platform capabilities. Many of these breakthroughs are a function of an engineering scale that today neither of our companies has on its own.
Operational efficiencies: Eliminating redundant infrastructure and duplicative operating costs will improve the financial performance of the combined entity.
Emerging user experiences: Our combined ability to focus engineering resources that drive innovation in emerging scenarios such as video, mobile services, online commerce, social media, and social platforms is greatly enhanced.
We would value the opportunity to further discuss with you how to optimize the integration of our respective businesses to create a leading global technology company with exceptional display and search advertising capabilities. You should also be aware that we intend to offer significant retention packages to your engineers, key leaders and employees across all disciplines.
We have dedicated considerable time and resources to an analysis of a potential transaction and are confident that the combination will receive all necessary regulatory approvals. We look forward to discussing this with you, and both our internal legal team and outside counsel are available to meet with your counsel at their earliest convenience.
Our proposal is subject to the negotiation of a definitive merger agreement and our having the opportunity to conduct certain limited and confirmatory due diligence. In addition, because a portion of the aggregate merger consideration would consist of Microsoft common stock, we would provide Yahoo! the opportunity to conduct appropriate limited due diligence with respect to Microsoft. We are prepared to deliver a draft merger agreement to you and begin discussions immediately.
In light of the significance of this proposal to your shareholders and ours, as well as the potential for selective disclosures, our intention is to publicly release the text of this letter tomorrow morning.
Due to the importance of these discussions and the value represented by our proposal, we expect the Yahoo! Board to engage in a full review of our proposal. My leadership team and I would be happy to make ourselves available to meet with you and your Board at your earliest convenience. Depending on the nature of your response, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!’s shareholders are provided with the opportunity to realize the value inherent in our proposal.
We believe this proposal represents a unique opportunity to create significant value for Yahoo!’s shareholders and employees, and the combined company will be better positioned to provide an enhanced value proposition to users and advertisers. We hope that you and your Board share our enthusiasm, and we look forward to a prompt and favorable reply.
Sincerely yours, /s/ Steven A. Ballmer
Steven A. Ballmer Chief Executive Officer
Microsoft Corporation
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