亲爱的、正在考虑收购（至少部分收购）雅虎的私募股权公司：

    我相信，你们有很多理由想要接手这只正在暴跌的互联网股票。或许你们认为雅虎（Yahoo）的业务过于分散，公司业务重心应该回到邮件、内容和/或电子商务上来。或许你们认为它的业务还不够分散，需要继续大举收购。或许你们只是想让这个曾经辉煌的品牌再现辉煌【就像私募股权公司Cerberus投资克莱斯勒（Chrysler）一样】，从而名垂青史。

    不管你们的计划是什么，你们要做的第一件事显然应该是炒掉雅虎董事会。

    不是像某些公司据称正在考虑的做法，炒掉2、3个董事。也不是光炒掉那些可能会投票反对你们掌权的那些董事。而是统统炒掉。

    这帮人靠不住。上周三，一开始有报道称，包括银湖资本（Silver Lake Partners）和微软（Microsoft）在内的几个投资者出价16.50美元/股，拟收购雅虎20%股份。随后又有消息称，TPG 资本出价17.50美元/股，收购相同数量的股份。最后，《纽约时报》（NY Times）又报道，贝恩资本（Bain Capital）、百仕通集团（The Blackstone Group）、阿里巴巴（Alibaba.com）和软银（Softbank）正在协商，拟以每股约20美元价格的全盘收购雅虎。

    或许我过于天真，但我绝不相信上述任何一家公司会对外泄露这些具体的价格信息。比如，银湖资本为什么要让别人知道它出价16.50美元/股？除了从竞争出价角度对其不利外，还会人为推高市价（换言之，他们要基于市场溢价的基础上再支付一个溢价）。对于TPG资本、贝恩资本、百仕通或阿里巴巴，道理也是一样的。

    而另一方面，雅虎董事会确实有泄密的动机。各种各样的动机。而且，我相信消息走漏得很快，就像过筛子一样。

    当然，你可以说推高售价最符合雅虎的利益，董事为股东们做了好事。但这违反了保密协议，他们日后将难以得到信任。除非最终买家能确定具体的泄密者，否则所有董事都得走人。要不然，将来还会带来更大的祸患。

    Dear private equity firms thinking about buying (at least part) of Yahoo,

    I'm sure you have all sorts of good reasons for wanting to catch one of the Internet's sharpest falling knives. Maybe you believe that Yahoo (YHOO) has become much too scattered, and believe it needs to refocus around its mail, content and/or commerce businesses. Maybe you believe it hasn't been scattered enough, and needs to go on an acquisition spree. Maybe you just want to be known for trying to turn around what was once a great brand (we'll call this the Cerberus/Chrysler prerogative).

    No matter the game plan, your first order of business should be obvious: Fire Yahoo's board of directors.

    Not two or three directors, as some firms reportedly are thinking. Or just the ones who might vote against your stewardship. All of 'em.

    It is just not a trustworthy group. Yesterday reports began to surface that a group including by Silver Lake Partners and Micosoft (MSFT) had bid $16.50 per share to acquire a 20% stake. Then came news that TPG Capital was bidding a buck more per share for a similar amount. Finally, the NY Times suggested that Bain Capital, The Blackstone Group, Alibaba.com and Softbank all are talking with each other about a $20 per share takeout of the entire company.

    Maybe I'm being hopelessly naive, but I just cannot believe that the specific pricing leaks came from any of the aforementioned firms. For example, why would Silver Lake want anyone to know it bid $16.50 per share? Not only does it hurt Silver Lake from a competitive bidding perspective, but it also could help artificially inflate the current trading price (i.e., force them to pay a premium upon a baked-in premium). Same goes for TPG or Bain or Blackstone or Alibaba.

    Yahoo's board, on the other hand, does have motive. All sorts of it. And I believe that it's leaking like a sieve.

    You certainly can make an argument that it's in Yahoo's best interest to drive up its sale price, which would mean that its directors are doing right by shareholders. But they also would be violating confidentiality agreements, and could hardly be trusted going forward. Unless the eventual buyer is able to determine the specific leaker(s), then everyone must go. Otherwise the knife will become much, much sharper going forward.