Yahoo announces completion of its acquisition of Inktomi
Yahoo! Inc., a leading global Internet company, and Inktomi Corp., a leading Web search provider, today announced the completion of Yahoo!'s acquisition of Inktomi.
"Bringing together a powerful combination of Yahoo!'s global audience and unmatched breadth and depth of services with Inktomi's leading search technology, will allow us to create one of the most relevant, comprehensive and highest quality search offerings on the Web for both our affiliate partners and Yahoo!," said Terry Semel, Yahoo! chairman and CEO.
"The acquisition enables Yahoo! to integrate Inktomi's world-class technology throughout the network as well as offer more value to consumers and businesses through programs such as paid inclusion, which provide higher-quality commercial search results," Semel added.
"We are very excited about gaining direct access to the end-product so that we can continue to improve and innovate Yahoo!'s leading search platform based on a clear understanding of consumer needs," said Vishal Makhijani, Inktomi vice president and general manager of Web search. "Results of a recent consumer blind test we conducted have already shown that Inktomi's search relevancy rates among the highest in the industry."
As a result of the merger, which was completed on March 19, 2003, each outstanding share of Inktomi common stock (other than shares for which appraisal is sought under Delaware law) has been converted into the right to receive $1.65 per share in cash. Wells Fargo Bank Minnesota, the Paying Agent for the merger, will within the coming week mail transmittal materials to Inktomi stockholders as of the merger date. Inktomi stockholders should not submit stock certificates unless accompanied by these transmittal materials.
Based in Foster City, Calif., Inktomi is the leading provider of OEM Web search and paid inclusion services. A pioneer in Web search technology, Inktomi provides millions of users worldwide with the freshest and most relevant search experience, and ensures that thousands of online retailers have their content constantly represented. The company's customers and partners include Amazon.com, eBay, Lycos/HotBot, MSN, Overture and WalMart.com.
Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!'s global network includes 25 world properties and is available in 13 languages.
Source: Yahoo! press release