Yahoo Japan Corp. proposed a ¡°merger of equals¡± with Yahoo Inc. ¡ª but was rebuffed ¡ª during a process lasting several months that eventually led to Verizon Communications Inc. acquiring the U.S. internet company¡¯s core assets for more than $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 percent of the combined entity ¡ª and about $14 billion in cash, according to the filing made 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.
¡°After careful consideration, the Strategic Review Committee concluded that the terms described in Yahoo Japan¡¯s letter were not compelling,¡± the company said in the filing.
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