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本文转载自： http://blog.sina.com.cn/s/blog_3d25beef01008qd9.html This article reprinted from: http://blog.sina.com.cn/s/blog_3d25beef01008qd9.html

微软收购雅虎这一事件中，有许多方面的情况是我们国内读者所不熟悉的。 Microsoft's acquisition of Yahoo this incident, there are many aspects of our domestic readers not familiar with. 现把收购案中的几个重要的方面，作一个大体的解说。 Is the acquisition of several important aspects, as a general guide.

是敌意还是善意收购？ Is hostile or goodwill acquired »

这是一次敌意收购吗？ This is a hostile takeover? » 说它是敌意收购呢，微软表达要以446亿美元收购雅虎的这封信是写给董事会的，也就是说，它是在跟雅虎的董事会商量，而只有撇开董事会的收购才称得上是敌意收购。 Call it a hostile takeover? Microsoft expression to 44.6 billion U.S. dollars to acquire Yahoo's letter was addressed to the Board, that is, it is in discussions with Yahoo's board of directors, and only bypassed the Board of Trustees of the acquisition only be called Hostile takeover. 但微软这封信恰又偏偏是公开的，如果是和雅虎的董事会“商量”，我们知道都是悄悄进行的。 But Microsoft also just the letter and is open to the public, and if Yahoo's board of directors "discussions", we know that are quietly carried out.

微软公开这封信，恰恰是为了让雅虎的股东们知道。 Microsoft open letter, it is precisely in order to enable Yahoo's shareholders know that. 雅虎的股东们是谁？ Yahoo's shareholders who » 是对雅虎的董事会和管理层早就怀着深深失望情绪的人。 On Yahoo's board and management have deep frustration with the people.

雅虎的股东们为什么失望？ Why Yahoo's shareholders disappointed »

雅虎的股东们为什么对雅虎失望？ Yahoo's shareholders why Yahoo disappointed » 因为有一个了不起的Google 。 Because there are a great on Google. Google在2004年上市后不到一年的时间里，股市市值就超越了上市已经十年、在互联网老大位置上也坐了整整十年的雅虎。 Google listing in 2004 after less than a year, on the stock market has gone beyond the 10 years listed in the lead position on the Internet also sit for a whole decade of Yahoo. 2005年，Google的营业收入规模也超越了雅虎，然后Google的业绩和股价不断冲向新高：2007年度，Google的营业收入达到166亿美元，是雅虎的2.4倍；Google的经营利润是50亿美元，是雅虎的7倍。 2005, Google's revenue also exceeded the size of Yahoo, and Google's performance and stock price continued into the new high: 2007, Google's revenue reached 16.6 billion U.S. dollars, Yahoo is 2.4 times; Google's operating profit is 5000000000 Dollars, Yahoo is seven times. 而且，07年度Google营业收入的年增长为56%，雅虎的年增长只有8%，即Google的年营业收入增幅，也是雅虎的7倍。 Moreover, the 07 year Google's revenue growth was 56 percent, Yahoo's growth was only 8 per cent, that is, Google's annual revenue growth, Yahoo is also seven times. 07年年底的时候，Google的股市市值，则是雅虎的6倍。 07 end of the year, Google's stock market, Yahoo is six times.

Google的不断壮大，不仅仅在搜索引擎广告市场上一路领先，而且还在不断蚕食雅虎所赖以安身立命的品牌广告市场，挤占了雅虎的发展空间。 Google's growing, not only in search engine advertising market, leading all the way, but are also constantly eroded by Yahoo's安身立命brand advertising market, Yahoo has diverted the development of space. 雅虎潜心研究与Google在搜索技术上的差距，原CEO塞梅尔顽强地承受着来自股东和舆论的压力，并且在2007年初拒绝了微软首次向雅虎伸出的橄榄枝，而把雅虎重新焕发青春的希望，寄托在花了两年时间和10亿美元开发出来的一套搜索引擎广告的智能匹配系统。 Yahoo and Google with great concentration on the technical gap in the search, the former CEO Semel tenacious suffering from the shareholders and the pressure of public opinion, and in early 2007 the first time Microsoft has refused to extend the olive branch to Yahoo, Yahoo renewed New hope lies in the spent two years and 1 billion U.S. dollars to develop a set of search engine advertising smart matching system. 但是，这套命名为“巴拿马”的广告系统并没有给雅虎带来任何新的转机，反而最终导致了塞梅尔辞去CEO一职。 However, it is named "Panama" advertising system Yahoo did not give any new turn for the better, but eventually led to Semel resigned from the post of CEO. 于是身为“雅虎酋长”（只是一项名誉称号）的杨致远重新出山，但此时的雅虎已经回天乏力，08年1月底公布的财报业绩，几乎彻底浇灭了投资者的最后一丝期待。 As a result, "Chief Yahoo" (just a honorary title) Jerry Yang to Chushan, but at this time Yahoo has Huitianfali, by the end of January 08 announced the earnings performance, pouring almost completely eliminate the last of the investors Slightest look forward to.

失望的股东们能做什么？ Disappointed shareholders can do what »

微软的信，正是在这个最恰当的时机抛出。 Microsoft's letter is the most appropriate at this time dished out. 这封抬头写给雅虎董事会的信，其实是写给雅虎的股东们看的。 This rise of the Board of Trustees of the letter addressed to Yahoo, Yahoo is in fact written for the shareholders to read. 与微软第一次向雅虎提出收购的建议不同，雅虎的股东们一直等到几个月后的传闻才知道微软的“用情”和雅虎董事会的“薄情”。 Microsoft and Yahoo made its first acquisition to the different proposals, Yahoo's shareholders until a few months after the rumor was that Microsoft's "Yongqing," and Yahoo's board of directors "Baoqing." 这一回，微软非常敏锐地感觉到，要想拿下雅虎，跟雅虎的董事会打交道已经不再是唯一的途径，失望的雅虎股东们可能为微软铺上了一条直通雅虎的红地毯。 This time, Microsoft is keenly felt, if we want to win Yahoo, Yahoo's board of directors to deal with is no longer the only way, Yahoo's disappointing for Microsoft shareholders may be covered with a red carpet through Yahoo.

关于这条“红地毯”，我们放到后面再说。 On this "red carpet", we put behind repeat. 在此之前，我们需要再进一步了解雅虎公司的结构情况。 Prior to this, we need to further understand the structure of Yahoo.

雅虎的“毒丸”计划 Yahoo's "poison pill" plan

和大多数科技类上市公司一样，雅虎也有一个自己的“毒丸”计划，当任何人或任何机构获取的雅虎股份超过15%以上，这项“毒丸”计划就会启动，因此微软不能通过在公开市场上收购雅虎股份的办法达到控制并最终收购雅虎的目的。 And the majority of listed technology companies, Yahoo has its own "poison pill" plan, when any person or body access to the Yahoo shares more than 15 percent of the "poison pill" plan will be launched, Microsoft can not be Yahoo on the open market purchase of shares in the ultimate way to control and Yahoo's acquisition of purpose. 微软想要控制雅虎，只有或者通过现任的董事会，与董事会谈判，或者通过股东大会把现任董事会推翻，这样两条路可走。 Microsoft wants to control Yahoo, or only by the incumbent board of directors, board of directors and negotiations, or through the general meeting of shareholders to overthrow the current board of directors, such two roads to take.

雅虎的股东 Yahoo's shareholders

美国的公司法和中国的公司法很不一样，其中特别重要的一点是，美国公司的大股东并不天然就拥有进入公司董事会并控制公司管理的权利。 U.S. company law and company law very different in China, which is particularly important point is that the U.S. company's largest shareholder is not natural to have entered the company's board of directors and management control of the company's rights. 美国上市公司的股权结构普遍非常分散，最大股东持有的股份，往往只有10%左右，而且公司的十大股东中，大多数是机构投资者（为普通老百姓或者私有基金打理投资基金的金融企业）。 US-listed company's ownership structure generally very scattered, the largest shareholder of the holders of the shares, often only about 10 percent, and the company's 10 shareholders, mostly institutional investors (for the general public or private funds care investment fund's financial enterprises ). 任何个人或机构通过公开市场上购买雅虎股票成为上市公司的最大股东都有可能，但他们只是在每年的股东大会上选举董事会或投票表决重大事项时，才具备与他们手中持有的股份成比例的话语权。 Any person or body through the open market to buy Yahoo stock to become the largest shareholder of listed companies may have, but they are only in the annual general meeting of shareholders on the election board vote on important matters or when they have their hands and holding the shares in proportion The right to speak.

除雅虎的联合创始人大卫·费罗还持有6%的雅虎股份外，其他雅虎的董事会与管理层成员包括杨致远、以及早期投资人包括日本的软银等，他们合计持有的雅虎股份已经到了可以忽略的地步。 In addition to Yahoo's co-founder David Filo also holds a 6% stake in Yahoo, Yahoo's board of directors and other management members include Jerry Yang, and early investors include Japan's Softbank, their combined holdings of Yahoo! Shares have reached a negligible level. 600余家机构投资者合计持有88%的雅虎股份，他们才是雅虎股东的主体。 More than 600 institutional investors together hold 88 percent of the shares in Yahoo, Yahoo is the main shareholder.

雅虎目前的第一和第二大股东都是机构投资者，其中第一大股东的Capital集团通过其旗下的两大基金合计持有11.6%的雅虎股份，第二大股东Legg Mason持有6.3%的股份，大卫·费罗是雅虎的第三大股东。 Yahoo is the first and second largest shareholders are institutional investors, including the largest shareholder, through its Capital Group's two funds together hold 11.6 percent of Yahoo shares, the second largest shareholder of a 6.3 Legg Mason Percent stake in Yahoo David Filo is the third largest shareholder. 接下去，雅虎的大股东就基本上全部都是机构投资者了。 The trend continues, Yahoo's largest shareholder, we can basically all the institutional investors.

有意思的是，雅虎的机构投资者股东和微软的机构投资者股东有很大程度的重叠，即雅虎的机构投资者中大多数也同时买了微软的股票。 It is interesting that Yahoo's shareholders and institutional investors in Microsoft's shareholders are institutional investors a large degree of overlap, that is, Yahoo's in the majority of institutional investors also bought Microsoft's stock. 譬如雅虎的第一大股东Capital集团同时也是微软的最大机构投资者；雅虎最大的十个机构投资者中的至少四个，同时也在微软的十大机构投资者之列。 For example, Yahoo's largest shareholder Capital Group is also Microsoft's largest institutional investors, Yahoo's largest institutional investors in 10 of at least four, as well as Microsoft's top 10 institutional investors as well.

但是，同时投资雅虎和微软的机构投资者，他们在雅虎和微软的利益权重是不一样的。 However, while Yahoo and Microsoft's investment of institutional investors, Yahoo and Microsoft in the interests of the weight is not the same. 大多数机构投资者，他们在微软投入的资金都要数倍高于在雅虎投入的资金。 Most institutional investors and their investment in Microsoft is several times higher than the funds should invest the funds in Yahoo. 因此，微软与雅虎投资者的谈判，几乎就相当于是与它自己的投资者谈判，而且，这些投资者因为他们在微软中的利益，而成为微软天然的盟友。 Therefore, Microsoft and Yahoo investors negotiations, is almost equivalent to its own investors with the negotiations, and these investors because they are in the interests of Microsoft, and Microsoft as natural allies.

雅虎的董事会 Yahoo's board of directors

雅虎的董事会由10名董事组成。 Yahoo's board of directors from 10 directors. 和目前大多数公司的情况不一样，雅虎董事会各成员的任期不是一种交叠结构，即通常的情况是，假如董事会成员任期是三年的话，董事会中每年有、而且也只有三分之一董事的任期到期需要重新获选或改选。 Most of the company and the current situation not the same, the Yahoo board of directors is not a term of office of members of the overlap structure, that is usually the case that if members of the Board term of office is three years, the Board of Trustees of each, but only one-third of directors The term of office expires need to re-elected or re-elections. 但雅虎的情况不一样，雅虎所有10名董事的任期在今年6月即将举行的股东大会上全部到期，需要股东大会重新选举。 However, the situation is not like Yahoo, Yahoo all 10 directors of the term of office in June this year, the upcoming general meeting of shareholders on all expired, shareholders of the General Assembly need to re-election.

微软的机会 Microsoft's opportunity

微软的机会正在于此。 Microsoft's opportunity is here. 微软借一封公开信煽起因雅虎第四季度财报而加深绝望的雅虎投资者（股东）的情绪，把雅虎的董事会放在火炉上烤，如果烤上一段时间仍不能解决问题，微软还将继续把股东情绪引导到6月即将举行的雅虎股东大会上，并在股东大会上与机构投资者联手，一举掀翻雅虎的整个现任董事会，获得雅虎的控制权。 Microsoft, by an open letter to incite a result of Yahoo's fourth-quarter earnings reports and deepening despair Yahoo investors (shareholders) of the emotional, Yahoo's board of directors on the stove, roasted, baked, if a period of time does not resolve the problem, Microsoft will continue to To shareholders in June to guide the mood upcoming Yahoo shareholders meeting, and in general meeting jointly with institutional investors, Yahoo overturned at one stroke the entire current board of directors, access to Yahoo's control.

目前雅虎的机构投资者大股东已有一些明确表态，他们讨论的不是雅虎该不该卖给微软的问题，而是卖多少才合适的问题。 Yahoo's current major shareholder of institutional investors already have some clear-cut stand, they discussed the Yahoo is not the issue should not be sold to Microsoft, but the number of selling only the right question. 雅虎的第二大股东Legg Mason要求微软提价收购，好理解的一点是Legg Mason不拥有微软的股票，不是微软的股东。 Yahoo's second largest shareholder of Legg Mason ordered Microsoft to the acquisition price hike, a good understanding of the fact that Legg Mason does not have Microsoft's stock, not Microsoft's shareholders. 而其他机构投资者则反对微软提价收购，因为他们在微软的利益要远高于在雅虎的利益。 And other institutional investors were against Microsoft's acquisition price hike, because of their interest to Microsoft's much higher than Yahoo's interests. 但不管股东们的利益在何方，他们都有一个共同点，那就是，它们都对雅虎的独立发展前景有一种深深的绝望。 However, no matter in the interests of shareholders where they have one thing in common, that is, all of them on Yahoo's prospects for the independent development of a deep despair.

在这种投资者氛围下，雅虎的董事会怕是很难坚持到6月的股东大会。 In this atmosphere for investors, Yahoo's board of directors fear is very difficult to adhere to the general meeting of shareholders in June. 最大的可能是，微软的这封公开信瓦解了雅虎董事会的斗志，董事会被迫重开与微软的谈判，微软在象征性作出一些让步，给雅虎董事会一个体面的台阶后，双方在6月份前达成友好的收购协议。 Most likely yes, Microsoft's open letter to this collapse of the morale of the Yahoo board of directors, board of directors was forced to re-open negotiations with Microsoft, Microsoft to make some symbolic concessions to the Yahoo board after a decent level, the two sides reached in June before Friendly deal.

唯一的变数 The only variable

在这次微软收购雅虎的事件中，几乎不太可能出现其他的竞购者、搅局者或者“白衣骑士”，因为除了政策原因（涉嫌垄断的听证会和美国及欧盟政府的调查批准必不可少）外，微软是雅虎最合适的整合者，也是唯一有希望把雅虎带向有确定性的光明未来的不二人选。 The Microsoft acquisition of Yahoo in the incident, almost not possible other bidders, Jiaoju, or "white knight", because in addition to policy reasons (for the hearing monopoly and the United States and the European Union must be approved by the Government's investigation Indispensable), Microsoft is the most suitable integration of Yahoo, is the only hope to have the Yahoo uncertainty with a bright future for the Singularity.

十分有意思的是，在这次两大跨国巨头的这场全球瞩目的较量中，中国的阿里巴巴和日本的软银将扮演重要的角色。 Very interesting that in the two major transnational giants of the global attention the trial of strength, China's Alibaba and Softbank of Japan will play an important role. 对雅虎的董事会和管理层来说，股东们可能一片倒地投向微软，雅虎董事会或许只有软银的孙正义和阿里巴巴的马云可以援为同盟军，雅虎董事会或许也可能有机会与软银和阿里巴巴一道琢磨出一个能让雅虎股东接受的抵御方案。 On Yahoo's board and management, shareholders may be one lying on the ground into Microsoft, Yahoo board of directors may only Alibaba and Softbank's Masayoshi Son of Mr. Ma can aid for allies, the Yahoo board of directors may also have the opportunity to be with Softbank Alibaba and a pondering a Yahoo shareholders can accept the programme to resist. 但问题是软银和阿里巴巴都有自己的利益和算盘，微软也照样能做软银和阿里巴巴的工作，软银和阿里巴巴的立场取决于跟雅虎还是跟微软符合他们自己的最大利益。 But the problem is that Alibaba and Softbank have their own interests and calculations, Microsoft still can do the work of Alibaba and Softbank, Softbank and Alibaba's position on with Yahoo or Microsoft to meet their own best interests.

微软拿下雅虎的决心不移，但它绝不愿意丢掉雅虎在日本尤其是中国的资产，或者失去与阿里巴巴的合作机会。 Microsoft had Yahoo's determination inalienable, but it by no means willing to lose in Japan in particular, Yahoo China's assets, or lost opportunities for cooperation with Alibaba. 也许微软与雅虎的合同文本早已拟就，但微软与阿里巴巴和软银的艰巨谈判，可能还才刚刚开始。 Perhaps Microsoft and Yahoo's contract has been prepared text, but Microsoft and Alibaba and Softbank, the arduous negotiations, may only just begun.

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