At a time when Yahoo! is under the threat of a hostile takeover from Microsoft, the company has gone ahead and laid-off around 1100 employees. Elinor Mills in her C|Net blog has got the actual confirmation about Yahoo! layoffs, the news about which appeared around Jan 21, 2008.
Going ahead with the layoffs means that the company still believes it has a chance to get over the threat of Microsoft's hostile takeover. Layoffs take away major chunks of management attention. During a time in which management could be working to avert Microsoft's possible attempt to overturn the Y! board -- this action sure is surprising. As NYT had reported:
Microsoft has already intimated that it could seek to oust Yahoo’s board at its next election; it would have until March 13 to nominate a new slate of directors. Unlike other corporations, Yahoo has no protections to prevent an overthrow of its board.
Microsoft stated this plainly in its Press Release yesterday after Yahoo!'s board said "No" to the takeover price of $31:
As we have said previously, 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.
» Bloodbath at Yahoo! Sr Folks Laid-Off or Jump Ship from TheBizofCoding
Its Bloodbath in the truest sense that I have ever seen for a company in turmoil. Yahoo!'s layoff is painting horror stories on the Blogosphere. The twitters from laid-off employees are dark, sad, sickening. Some read:"Signing o... [Read More]
Tracked on: February 13, 2008 9:06 AM | Permalink to Trackback