Posted: March 21, 2008
Google Proposes Hostile Takeover Bid
SAN JOSE, California- Google Inc. (http://finance.yahoo.com/q?s=GOOG) has made a hostile takeover bid for the purchase of Time Warner Inc.(http://finance.google.com/finance?client=ob&q=TWX). The purchase price has been reported at $50 billion dollars in both cash and stocks. $35 billion being cash to stock holders, $10 billion in stock and the remaining $5 billion in assumed debt.
This move has left the CEO of Yahoo Inc., Terry Semel, and The CEO of Microsoft Inc., Steve Ballamer, troubled. Yahoo ( http://sg.finance.yahoo.com/q?s=YHOO) hoping to be bought out by Time Warner while Microsoft ( http://www.microsoft.com/msft/default.mspx) was looking to buy Time Warner.
Dr. Eric Schmidt, CEO of Google, was quoted saying: “Google strikes while the iron’s hot and the iron’s hot right now in the media industry. This is the correct move at the correct time for Google.”
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