Some say for the right price, anything can be bought or sold. Would Internet giant Yahoo! really consider selling out -- to an overseas buyer -- for the right price? One Chinese Internet mogul has a check ready.
Chairman and CEO Jack Ma from Alibaba Group discussed his desire to purchase the Internet company with Peter Kafka at the AsiaD conference. Ma says he's waiting for word from the independent directors of the Yahoo! Board of Directors to give him more details.
Apparently the company is thinking about the proposition, since an answer of "no" wasn't immediately presented. How would overseas control of one of the United States' largest Internet service companies affect American businesses and users?
A Knight in Shining Armor?
Ma said he considers Yahoo! his "idol" and reason for getting into the Internet business. He doesn't want to see the company "fall down." He'd like to make the purchase as one of many partnerships with U.S.-based Internet companies.
In the third-quarter of 2011, Yahoo!'s earnings dropped 26 percent compared to last year, according to Forbes. Last month the company's CEO Carol Bartz quit. Perhaps taking the offer from Ma will rectify the Internet company's downward decline? On the bright side, Ma says he'd hire a CEO in the United States to run the company.