Microsoft Sends Letter to Yahoo! Board of Directors

REDMOND, Wash., April 5, 2008 /PRNewswire-FirstCall/ -- Microsoft Corp. today sent the following letter to the Yahoo! Inc. Board of Directors:

April 5, 2008 Board of Directors Yahoo! Inc. 701 First Avenue Sunnyvale, CA 94089 Dear Members of the Board:

It has now been more than two months since we made our proposal to acquire Yahoo! at a 62% premium to its closing price on January 31, 2008, the day prior to our announcement. Our goal in making such a generous offer was to create the basis for a speedy and ultimately friendly transaction. Despite this, the pace of the last two months has been anything but speedy.

While there has been some limited interaction between management of our two companies, there has been no meaningful negotiation to conclude an agreement. We understand that you have been meeting to consider and assess your alternatives, including alternative transactions with others in the industry, but we've seen no indication that you have authorized Yahoo! management to negotiate with Microsoft. This is despite the fact that our proposal is the only alternative put forward that offers your shareholders full and fair value for their shares, gives every shareholder a vote on the future of the company, and enhances choice for content creators, advertisers, and consumers.

During these two months of inactivity, the Internet has continued to march on, while the public equity markets and overall economic conditions have weakened considerably, both in general and for other Internet-focused companies in particular. At the same time, public indicators suggest that Yahoo!'s search and page view shares have declined. Finally, you have adopted new plans at the company that have made any change of control more costly.

By any fair measure, the large premium we offered in January is even more significant today. We believe that the majority of your shareholders share this assessment, even after reviewing your public disclosures relating to your future prospects.

Given these developments, we believe now is the time for our respective companies to authorize teams to sit down and negotiate a definitive agreement on a combination of our companies that will deliver superior value to our respective shareholders, creating a more efficient and competitive company that will provide greater value and service to our customers. If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board. The substantial premium reflected in our initial proposal anticipated a friendly transaction with you. If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal.

It is unfortunate that by choosing not to enter into substantive negotiations with us, you have failed to give due consideration to a transaction that has tremendous benefits for Yahoo!'s shareholders and employees. We think it is critically important not to let this window of opportunity pass.

Sincerely yours, Steven A. Ballmer Chief Executive Officer Microsoft Corporation About Microsoft

Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This material is not a substitute for the prospectus/proxy statement Microsoft Corporation would file with the Securities and Exchange Commission (the "SEC") if an agreement between Microsoft Corporation and Yahoo! Inc. is reached or any other documents which Microsoft Corporation may file with the SEC and send to Yahoo! stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF YAHOO! INC. ARE URGED TO READ ANY SUCH DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders will be able to obtain free copies of any documents filed with the SEC by Microsoft Corporation through the web site maintained by the SEC at http://www.sec.gov/. Free copies of any such documents can also be obtained by directing a request to Investor Relations Department, Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399.

Microsoft Corporation and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Microsoft Corporation's directors and executive officers is available in its Annual Report on Form 10-K for the year ended June 30, 2007, which was filed with the SEC on August 3, 2007, and its proxy statement for its 2007 annual meeting of stockholders, which was filed with the SEC on September 21, 2007. Other information regarding the participants in a proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in any proxy statement filed in connection with the proposed transaction.

Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as Microsoft Corporation's ability to achieve the synergies and value creation contemplated by the proposed transaction, Microsoft Corporation's ability to promptly and effectively integrate the businesses of Yahoo! Inc. and Microsoft Corporation, the timing to consummate the proposed transaction and any necessary actions to obtain required regulatory approvals, and the diversion of management time on transaction-related issues. For further information regarding risks and uncertainties associated with Microsoft Corporation's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Microsoft Corporation's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft Corporation's Investor Relations department at (800) 285-7772 or at Microsoft Corporation's website at http://www.microsoft.com/msft.

All information in this release is as of April 5, 2008. Microsoft Corporation undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO )

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Microsoft Corp.

CONTACT: Press, Rapid Response Team, Waggener Edstrom Worldwide, +1-503-
443-7070, or rrt@waggeneredstrom.com; or Joele Frank, or Eric Brielmann, or
Jamie Moser, all of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449;
or Financial analysts and investors only, Colleen Healy, General Manager,
Investor Relations, +1-425-706-3703

Web site: http://www.microsoft.com/

Microsoft Sends Letter to Yahoo! Board of Directors

REDMOND, Washington, April 5 /PRNewswire/ --

Microsoft Corp. (Nasdaq: MSFT) today sent the following letter to the Yahoo! Inc. (Nasdaq: YHOO) Board of Directors:

April 5, 2008

Board of Directors Yahoo! Inc. 701 First Avenue Sunnyvale, CA 94089

Dear Members of the Board:

It has now been more than two months since we made our proposal to acquire Yahoo! at a 62% premium to its closing price on January 31, 2008, the day prior to our announcement. Our goal in making such a generous offer was to create the basis for a speedy and ultimately friendly transaction. Despite this, the pace of the last two months has been anything but speedy.

While there has been some limited interaction between management of our two companies, there has been no meaningful negotiation to conclude an agreement. We understand that you have been meeting to consider and assess your alternatives, including alternative transactions with others in the industry, but we've seen no indication that you have authorized Yahoo! management to negotiate with Microsoft. This is despite the fact that our proposal is the only alternative put forward that offers your shareholders full and fair value for their shares, gives every shareholder a vote on the future of the company, and enhances choice for content creators, advertisers, and consumers.

During these two months of inactivity, the Internet has continued to march on, while the public equity markets and overall economic conditions have weakened considerably, both in general and for other Internet-focused companies in particular. At the same time, public indicators suggest that Yahoo!'s search and page view shares have declined. Finally, you have adopted new plans at the company that have made any change of control more costly.

By any fair measure, the large premium we offered in January is even more significant today. We believe that the majority of your shareholders share this assessment, even after reviewing your public disclosures relating to your future prospects.

Given these developments, we believe now is the time for our respective companies to authorize teams to sit down and negotiate a definitive agreement on a combination of our companies that will deliver superior value to our respective shareholders, creating a more efficient and competitive company that will provide greater value and service to our customers. If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board. The substantial premium reflected in our initial proposal anticipated a friendly transaction with you. If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal.

It is unfortunate that by choosing not to enter into substantive negotiations with us, you have failed to give due consideration to a transaction that has tremendous benefits for Yahoo!'s shareholders and employees. We think it is critically important not to let this window of opportunity pass.

Sincerely yours, Steven A. Ballmer Chief Executive Officer Microsoft Corporation

About Microsoft

Founded in 1975, Microsoft (NASDAQ: MSFT) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This material is not a substitute for the prospectus/proxy statement Microsoft Corporation would file with the Securities and Exchange Commission (the "SEC") if an agreement between Microsoft Corporation and Yahoo! Inc. is reached or any other documents which Microsoft Corporation may file with the SEC and send to Yahoo! stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF YAHOO! INC. ARE URGED TO READ ANY SUCH DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders will be able to obtain free copies of any documents filed with the SEC by Microsoft Corporation through the web site maintained by the SEC at www.sec.gov. Free copies of any such documents can also be obtained by directing a request to Investor Relations Department, Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399.

Microsoft Corporation and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Microsoft Corporation's directors and executive officers is available in its Annual Report on Form 10-K for the year ended June 30, 2007, which was filed with the SEC on August 3, 2007, and its proxy statement for its 2007 annual meeting of stockholders, which was filed with the SEC on September 21, 2007. Other information regarding the participants in a proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in any proxy statement filed in connection with the proposed transaction.

Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as Microsoft Corporation's ability to achieve the synergies and value creation contemplated by the proposed transaction, Microsoft Corporation's ability to promptly and effectively integrate the businesses of Yahoo! Inc. and Microsoft Corporation, the timing to consummate the proposed transaction and any necessary actions to obtain required regulatory approvals, and the diversion of management time on transaction-related issues. For further information regarding risks and uncertainties associated with Microsoft Corporation's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Microsoft Corporation's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft Corporation's Investor Relations department at +1-800-285-7772 or at Microsoft Corporation's website at http://www.microsoft.com/msft.

All information in this release is as of April 5, 2008. Microsoft Corporation undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO )

Web site: http://www.microsoft.com

Microsoft Corp.

Press, Rapid Response Team, Waggener Edstrom Worldwide, +1-503-443-7070, or rrt@waggeneredstrom.com; or Joele Frank, or Eric Brielmann, or Jamie Moser, all of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449; or Financial analysts and investors only, Colleen Healy, General Manager, Investor Relations, +1-425-706-3703/Note to Editors: If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at http://www.microsoft.com/presspass on Microsoft's corporate information pages. Web links, telephone numbers and titles were correct at time of publication, but may since have changed. For additional assistance, journalists and analysts may contact Microsoft's Rapid Response Team or other appropriate contacts listed at http://www.microsoft.com/presspass/contactpr.mspx. /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO, AP Archive: http://photoarchive.ap.org, PRN Photo Desk, photodesk@prnewswire.com

Perfect World Signs New Licensing Agreements at the 'Grand Awards Ceremony'

BEIJING, April 5, 2008 /Xinhua-PRNewswire-FirstCall/ -- Perfect World Co., Ltd. ("Perfect World" or the "Company"), a leading online game developer and operator in China, announced that the company's first players- only "Perfect Festival" successfully concluded at the "Grand Awards Ceremony" on April 5, 2008 at Renmin University of China. At the ceremony, the Company also signed new licensing agreements with Soft-World International Corp. (TSEC: 5478) ("Soft-World") and C&C Media Co., Ltd. ("C&C Media") to license "Zhu Xian" in Taiwan and Japan respectively.

The ceremony was hosted by Nic Li, a famous emcee from Channel [V]. Guests attending the ceremony included Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World, Mr. Zhu Qi, Senior Vice President of Perfect World, Mr. Jason Jiang, Chairman of Focus Media, Jiang Chao, Ni Hongjie, Xiao Jian and Fan Ming, actors and actresses from the TV drama "My Own Swordsman" which has the same Chinese name as "Legend of Martial Arts," Shuimunianhua, who sings the theme song of "Perfect World," Mr. Richie Jen, the ambassador of "Zhu Xian," and the management teams from Perfect World's overseas partners.

The ceremony was divided into four main sections -- "Beacon of Chi Bi," "Perfect Paradise," "Joyful Martial Arts" and "Love in the Ninth Sky," which represent Perfect World's popular games respectively. During each section, guests gave awards to the enterprise and individual award winners. At the ceremony, famous entertainment stars performed. The actors and actresses from the TV drama "My Own Swordsman" gave a tap dance show, Shuimunianhua sang "Perfect World," and Richie Jen, ambassador of "Zhu Xian," sang the theme song of "Zhu Xian."

Perfect World also signed new licensing agreements with Soft-World and C&C Media at the ceremony through electronic signing. Soft-World and C&C Media will license "Zhu Xian" in Taiwan and Japan respectively, thus marking greater cooperation between Perfect World and those two companies. The two companies have previously licensed and are successfully operating Perfect World's "Perfect World II" and "Legend of Martial Arts" in their respective markets. At the ceremony, Mr. Chin-Po Wang, Chairman of Soft-World and Mr. Kensuke Chikaishi, President and Chief Executive Officer of C&C Media both confirmed their satisfaction in the markets' positive response to the cooperation with Perfect World and expressed confidence in the success of "Zhu Xian" in Taiwan and Japan respectively.

"We hope the company's first players-only 'Perfect Festival' was able to bring online game players an enjoyable interactive entertainment experience, which is different from the online experience. This is very important for rewarding our players and building an integrated entertainment platform," Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World, commented. "Due to our efforts to introduce updates quickly and enhance solid localization, our games have been well received by the online game players in Japan, Taiwan and other overseas markets. As one of the most popular online games in China, we believe 'Zhu Xian' will deliver excellent results again in the overseas market. We will continue to strive to become one of the leading online game companies in the world."

About Soft-World International Corporation

Soft-World International Corporation (TSEC: 5478) ("Soft-World") is one of the most successful online game operators in Taiwan. Soft-World has operated in Taiwan for over 20 years and has attained numerous achievements in the Greater China area. Soft-World's core business has diversified into developing, operating, distributing, marketing, and media/publishing. Soft- World creates self-developed games (both online and packaged) and licenses third party games, and features well-developed distribution channels, creative marketing teams, and a strong publishing department. Soft-World values its employees and their skills, resources, and experience. Soft-World currently has over 1,300 dedicated employees worldwide that help service its 16 million customers.

About C&C Media Company Limited (http://www.cc-media.co.jp/)

C&C Media Company Limited ("C&C Media") was founded in June, 2001. Because of its operation philosophies and strength in today's increasingly competitive Japanese internet business, C&C Media has successfully created a unique market position. In terms of on line game sales channels, C&C Media has successfully leveraged its market resources and its experience operating internet cafes. Currently, among more than 2600 internet cafes all around Japan, C&C Media has built a strong sales channel including 2100 internet cafes. Presently, the number of internet cafes cooperating with C&C Media is still increasing. In addition, C&C Media has built a website, "MK-STYLE", featuring online games and game services for individual users. Supported by its strong operations team, the breadth of C&C Media's operations will continue to grow.

Along with the popularization of bandwidth in Japan, the business of C&C Media will extend to digital entertainment areas besides online games.

About Perfect World Co., Ltd. (http://www.pwrd.com/)

Perfect World Co., Ltd. is a leading online game developer and operator in China. Perfect World primarily develops three-dimensional ("3D") online games based on the proprietary Angelica 3D game engine and game development platform. The Company's strong technology and creative game design capabilities, combined with extensive local knowledge and experience, enable it to frequently and rapidly introduce popular games that are designed to cater to changing customer preferences and market trends in China. The Company's current portfolio of self-developed 3D online games includes 3D massively multiplayer online role playing games ("MMORPGs"): "Perfect World," "Legend of Martial Arts," "Perfect World II," "Zhu Xian," and "Chi Bi;" and a 3D casual game: "Hot Dance Party." While most revenues are generated in China, the Company's games have been licensed to leading game operators in more than ten countries and regions. The Company plans to continue to explore new and innovative business models and remains deeply committed to maximizing shareholder value over time.

Safe Harbor Statements

This press release contains forward-looking statements. These statements constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "future," "plans," "believes" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, our limited operating history, our ability to protect our intellectual property rights, our ability to respond to competitive pressure, and changes of the regulatory environment in China. Further information regarding these and other risks is included in Perfect World's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form F-1. Perfect World does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For further information, please contact Perfect World Co., Ltd. Vivien Wang Investor Relations Officer Tel: +86-10-5885-1813 Fax: +86-10-5885-6899 Email: ir@pwrd.com http://www.pwrd.com/ Christensen Investor Relations Peter Homstad Tel: +1-480-614-3026 Fax: +1-480-614-3033 Email: phomstad@christensenir.com Jung Chang Tel: +852-2117-0861 Fax: +852-2117-0869 Email: jchang@christensenir.com

Perfect World Co., Ltd.

CONTACT: Vivien Wang, Investor Relations Officer of Perfect World Co.,
Ltd., +86-10-5885-1813, or Fax: +86-10-5885-6899, ir@pwrd.com; or Peter
Homstad, Investor Relations, +1-480-614-3026, or Fax: +1-480-614-3033,
phomstad@christensenir.com, or Jung Chang, +852-2117-0861, or Fax:
+852-2117-0869, jchang@christensenir.com, both of Christensen for Perfect
World Co., Ltd.

Web site: http://www.pwrd.com/
http://www.cc-media.co.jp/

page 1    

News archive of November 2009
1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30