Microsoft's big bid for Yahoo

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But after all the entreaties and ultimatums, the software giant wasn't able to get its way, and Yahoo remains an independent company. Tune in here for the latest. Latest coverage What Yahoo has, Microsoft wants, but Yahoo continues to play hard to get. Even as talks start, stop, and sputter, the two companies still face a formidable foe in Google--and many questions about what they'll do next. Wall Street analyst trims company's 12-month price target to $24 a share. Meanwhile, Yahoo's stock dips as low as $17.25 in early morning trading. September 10, 2008 While Google and Wall Street are betting controversial Yahoo-Google ad deal gets a green light from antitrust regulators, the level of scrutiny is rising. August 29, 2008 Frank Biondi and John Chapple join Yahoo's expanded board of directors, as part of an earlier agreement reached with Carl Icahn. August 14, 2008 A copy of the controversial agreement--albeit a heavily redacted version--is released in an SEC filing, marking the first public unveiling of the deal's specifics. August 8, 2008 The Google-Yahoo-Microsoft power struggle has only made Google stronger--it now controls nearly 70 percent of search market share. August 7, 2008 Carl Icahn gets his agreed-upon board seat and a role picking his two allies. Will that discussion be as civil as Icahn and Yahoo's recent words for each other? August 6, 2008 A corrected vote tally reveals dissatisfaction with Yahoo board members is much greater than thought after Friday's shareholder meeting. August 5, 2008 Executives at the Internet pioneer are probably breathing easier now that the shareholder meeting is over. But several shareholders aren't happy with how it went. August 1, 2008 Stay tuned for up-to-the-minute coverage of the expected fireworks as Jerry Yang and company answer to a crowd of dissatisfied shareholders. August 1, 2008 Yahoo investors are likely to get a taste of history repeating itself when they attend the company's annual shareholders meeting on Friday. Shareholder revolt, take II? July 31, 2008 State assemblyman Joel Anderson, concerned about privacy issues, wants California to join the list of states scrutinizing Yahoo's search-advertising agreement with Google. July 29, 2008 Frustrated with the Microhoo saga, corporate raider T. Boone Pickens has sold his entire stake of 10 million shares in the Internet pioneer, according to reports. July 29, 2008 Stewart Butterfield, who left Yahoo earlier this month, says he wishes Microsoft's bid to acquire Yahoo had succeeded. July 28, 2008 CEO Steve Ballmer tells financial analysts how much Microsoft expects to pour into its online effort in the coming years, but is coy when pressed on the company's strategy. July 25, 2008 Google's search engine fame came in part from its algorithm that rates Web pages based on links from other pages. Microsoft thinks people provide a better ranking method. July 25, 2008 A deal would have boosted the company's search query volume, something Microsoft knows it needs. July 24, 2008 Yahoo wins strong endorsement from influential institutional investor advisory service RiskMetrics, which recommends the re-election of all current Yahoo directors. July 24, 2008 July 21-22: Yahoo's peace accord with Icahn A settlement puts an end to investor Carl Icahn's proxy fight--and puts Icahn himself onto an expanded Yahoo board. A day later, Yahoo reports a decline in earnings, but CEO Jerry Yang remains optimistic. Company's net income drops 19 percent and along with revenue misses analyst expectations for the second quarter. July 22, 2008 As Yahoo prepares to add investor Carl Icahn to its board, two other seats will come from his approved list. Is former AOL chief Jonathan Miller on tap to not only take a director's seat but possibly also the CEO slot? July 22, 2008 Investor activist Carl Icahn provides a peek into why he reached a settlement with Yahoo over the weekend, ending a contentious proxy fight. July 22, 2008 The activist investor, who plans to recommend two more directors and withdraw his other nominees, will be included in a board expansion to 11 members. July 21, 2008 The Internet pioneer has devoted a lot of precious pixels on www.yahoo.com to its fight with Carl Icahn over control of the company. July 18, 2008 The investment house, which owns 4.4 percent of Yahoo stock, says it will back existing management. July 18, 2008 Software maker says online market is too juicy to pass up, but any real gains in revenue won't be immediate. Profits are even further off. July 17, 2008 Forget mild-mannered Clark Kent. Yahoo busts open its inner Man of Steel and lays it on the line to Carl Icahn and Steve Ballmer. Now we're talking. July 17, 2008 Both are accelerating their respective deal-making talks with Time Warner's AOL, as Yahoo heads toward a proxy battle that threatens its current board. July 16, 2008 Politicians questioned Google, Yahoo, and Microsoft over the antitrust implications of an advertising deal, which would make a purchase of Yahoo up to $250 million more expensive. July 14, 2008 Attorneys general from a collection of states are reviewing the search advertising agreement between the two Internet giants for possible antitrust violations. July 14, 2008 July 7-14: The Icahn-Microsoft alliance A new wrinkle develops as Microsoft says it sees some promise in Carl Icahn's bid to install a new board of directors at Yahoo, though maybe just to acquire the company's search operations. Yahoo rebuffs the advances. While Microsoft improved the terms on search revenues it would pay Yahoo, compared with its initial offer last month, the search pioneer finds the guarantees lacking. July 14, 2008 Following the nixed weekend bid in tandem with Microsoft, the billionaire investor launches a formal quest to replace Yahoo's board. July 14, 2008 Yahoo rejects a joint-buyout proposal by Microsoft and investor activist Carl Icahn, which called for the sale of only Yahoo's search business. July 13, 2008 Although deals can break on dollars and sense, it often comes down to people and the chemistry between the principals. July 9, 2008 Portfolio manager Bill Miller says it would take a bid of at least $33 a share if Carl Icahn wants more shareholders to side with him in his proxy contest. July 9, 2008 Investor activist Carl Icahn gets an encouraging sign from Microsoft but has yet to outline his challenge for Yahoo's board of directors. July 8, 2008 The call goes out for Yahoo investors to oust the current board and elect Carl Icahn's dissident slate instead. Microsoft says yeah, we'd talk with a new board. July 7, 2008 Just days ago, Bill Gates said it was unlikely Microsoft would make any kind of deal with Yahoo. Now Redmond is talking with Carl Icahn to replace Yahoo's board to pave the way for a deal. July 7, 2008 The stock price is up in early trading, following a Wall Street Journal report that Microsoft may be seeking partners to make another run at Yahoo's search operations. July 2, 2008 The federal law enforcement agency is preparing to send out document requests to third parties as part of its investigation into the companies' advertising deal. July 1, 2008 The company's shares had been riding high through much of the turmoil of Microsoft's pursuit. Now they're pretty much back where they started. July 1, 2008 As expected, Redmond scoops up semantic search start-up Powerset. It's not Yahoo search, but it brings in some compelling technology. July 1, 2008 The company is hoping to woo investors to its side with a presentation filed with Securities and Exchange Commission. June 30, 2008 June 19-26: Shedding execs, Yahoo reorganizes One by one, and in quick succession, some of Yahoo's top executives have been abandoning ship. Then, toward the end of the month, the company formalizes a new executive structure with a shift to three main teams. A shift to three main teams is aimed to improve products and speed decision-making. Jerry Yang and Sue Decker are still in charge. June 26, 2008 Yahoo CTO Ari Balogh says that much like Amazon's EC2 and Google's App Engine, Yahoo could offer infrastructure services. June 26, 2008 Yahoo buys itself valuable time, but now the countdown really begins: is real change in store and will Steve Ballmer return to the negotiating table? June 26, 2008 The billionaire files his proxy statement, urging shareholders to send in the gold-colored ballot and vote for his slate of directors. (It's white for Yahoo's current board.) June 26, 2008 If the company is going to do a partial deal for Yahoo's search business, the thinking is that it will be easier to hammer out an accord while Jerry Yang is still in charge. June 25, 2008 The company issues letter defending its Google deal, but a source cautions not to take this as a sign the latest talks with Microsoft are off. June 25, 2008 The two companies are once again on speaking terms, though several sources tell News.com that an outright purchase is not on the table. June 24, 2008 There are signs of a new willingness within Yahoo's board for another try to work out a deal. Meanwhile, Jerry Yang remains out of sight. June 23, 2008 The departures, which likely will concentrate power in fewer hands at the Internet company, mean loss of experience but the potential for a fresh start. June 20, 2008 Final version of the billionaire's proxy will indicate whether he will seek majority control of the Internet company's board. June 20, 2008 Yahoo isn't quite a sinking ship, but it is beginning to list prominently as the executive exodus turns into a parade. June 19, 2008 Delaware court denies an expedited Yahoo trial on the company's controversial employee severance plans, prior to the annual shareholders meeting. June 16, 2008 Eric Jackson calls for Carl Icahn's dissident slate of directors to take minority representation on Yahoo's board--a "third option" he says would settle large investors' worries. June 16, 2008 In the aftermath of Yahoo aligning with Google rather than Microsoft, Jerry Yang is taking a beating. But it's Yahoo's board of directors that should be called to account. June 15, 2008 June 12-13: Microsoft drops its bid Redmond says "unequivocally" that it is no longer interested in Yahoo even at the $33 a share that it previously was willing to pay, and Yahoo decides that a search-only deal with Microsoft is not in its best interest. Following Yahoo's decision to go with Google, Microsoft's Kevin Johnson explains in a memo why it was no longer willing to buy all of Yahoo. June 13, 2008 Yahoo CEO and founder Jerry Yang bleeds purple. Carl Icahn and some Yahoo shareholders want his purple blood. Dan Farber chronicles the battle for Yahoo's soul. June 13, 2008 Despite Yahoo's formal announcement that buyout talks with Microsoft are kaput, analysts are skeptical, as shares continue to fall amid the announcement of a search ad deal with Google. June 13, 2008 Tucked into the Yahoo-Google ad agreement is a deal to bridge instant-messaging services. That's great news for IM, but it doesn't fix underlying flaws of online chat. June 13, 2008 Software maker was willing to buy Yahoo's search business and offered to buy a 16 percent stake at $35 a share--above the price it offered when it was trying to get all of Yahoo. June 12, 2008 With talks between Yahoo and Microsoft called off, don't expect investor activist Carl Icahn to drop his proxy fight against the Internet search pioneer, said one source familiar with the billionaire investor. June 12, 2008 Google will supply Yahoo with search ads in a partnership Yahoo believes will raise revenue by $800 million in its first year--but that also could give more power to Google. June 12, 2008 Jeff Weiner, who runs much of Yahoo's search and many other core products, is leaving the company, CNET News.com has confirmed. June 12, 2008 June 3-11: Icahn turns up the heat Yahoo and activist investor Carl Icahn jab, parry, and counterpunch in a series of missives over Yahoo's leadership, its poison pill plan, and its deal-making savvy. Yahoo's directors may be on the hook for approving a controversial and potentially expensive employee-severance plan, the billionaire investor contends. June 11, 2008 The company tells its employees the "that's nuts" comment made by its outside compensation consultant was no reflection of Yahoo's severance package. June 10, 2008 The investors are looking to invalidate a controversial employee severance package prior to the company's August 1 shareholders meeting. June 10, 2008 The Internet company is exploring the antitrust ramifications of a partial search sale or partnership with Redmond--but a deal is not close at hand, sources say. June 9, 2008 Among other things, the activist investor wants Chairman Roy Bostock to share his time sheets, and wonders what the plan was while Google left Yahoo "in the dust." June 9, 2008 The per-share price is one of two nifty nuggets in the latest saber-rattling letter to Yahoo's chairman. The other: Jerry Yang can stay after all--just not as CEO. June 6, 2008 The bickering continues as Carl Icahn hits familiar points: nix the poison pill, depose Jerry Yang as CEO, and just sell to Microsoft already. June 6, 2008 Yahoo Chairman Roy Bostock lashes back at Carl Icahn, saying the investor misinterprets facts and has no plan beside selling the company to Microsoft. June 4, 2008 In a letter to board chairman Roy Bostock, the investor activist roars about Yahoo's "insulting" and "deceitful" actions regarding its severance plan. June 4, 2008 During CNBC's Power Lunch, Sue Decker talks about the company's performance and what it would take to do a deal with Redmond or any other party. June 4, 2008 Online giant signs new ad accords with retail giant Wal-Mart and ad agency Havas Digital, and signs on as a CBS online video distribution partner. June 4, 2008 In the coming weeks, investors will be deluged with competing proxy cards from Yahoo and Carl Icahn, as each side pooh-poohs the other's material and lets the barbs fly. June 3, 2008 Billionaire investor's proxy slate may get saddled with Yahoo's controversial employee severance plan. Icahn, meanwhile, is said to be calling for Jerry Yang's ouster. June 3, 2008 At the D6 event, Yahoo's top two execs come out of their serial and secretive negotiations with Microsoft and Google to shed light on the future of their company. May 28, 2008 The billionaire investor has been mostly quiet since unveiling his dissident slate to run against Yahoo's board. Should investors be worried? May 28, 2008 In support of the CEO's recent remarks, Microsoft officials say acquiring Yahoo has always been part of "a" strategy, and not "the" strategy. May 23, 2008 May 15-22: Building toward a boardroom battle The saga takes a new twist as Carl Icahn, a billionaire investor known for his shareholder activism, steps in with a dissident slate of directors and a wealth of experience in proxy fights. Yahoo's July 3 shareholder meeting, meanwhile, gets delayed as a board member resigns. Edward Kozel has resigned, citing personal reasons. The company also says it's delaying its annual shareholders meeting until late July. May 22, 2008 Latest rumor is that it could sign a search ad deal this week with Yahoo to thwart Google, acquire Yahoo as pressure mounts from shareholders, then acquire Facebook. May 19, 2008 Microsoft says it has issued another proposal to Yahoo, this one calling for an acquisition of some but not all of Yahoo's assets. May 18, 2008 Suing shareholders and Yahoo disagree about whether information on the company's employee severance plan should be public. May 16, 2008 Major investor gets behind billionaire investor Carl Icahn's attempt to take over Yahoo's board. May 15, 2008 Billionaire investor's crew for the Yahoo proxy fight features Mark Cuban and a pair of names linked to Microsoft's dissident slate. May 15, 2008 Billionaire shareholder activist Carl Icahn announces a 10-member proxy slate and is seeking antitrust clearance to acquire up to another $2.5 billion in Yahoo shares. May 15, 2008