Now That Yahoo Has Caved, Microsoft Will Buy It For $34, Right? Not So Fast
What The Market is Assuming:
Yahoo opened yesterday around $22.50, down $7, and Microsoft opened above $30, up more than $1. Why? Because the market initially assumed the deal was really off. (In the absence of any possibility of a deal with Microsoft, Yahoo would probably trade around $20-$21, but even yesterday morning there was some hope alive).
As the day went on, however, as Yahoo shareholders publicly spanked Yang & Co, there was increasing speculation that Yahoo would be forced to cave and that a deal would get done. And at the end of the day, Yahoo did cave, acknowledging that its $37 price demand was just a negotiating play and that it would be willing to sell for less.
On the surface, this makes a deal seem far more likely. But don't forget about what we've learned about Steve Ballmer's thinking over the past few months.
What the Market is Missing:
Since Saturday, Yahoo has launched a PR offensive to try to get itself off the hook for blowing the negotiations. The message of this campaign is that Yahoo showed that it was willing to come down in price, moving from $40 to $37*, and that the negotiations were going fine--but that Steve Ballmer suddenly decided to walk. Also, Yahoo has said, Microsoft's bid increase to $33 wasn't really real because it wasn't delivered in writing.
Both of these details are designed to make Yahoo look less like a bunch of boobs, but as we wrote yesterday, both are also revealing. Here's the bottom line:
As of Saturday afternoon, Steve Ballmer no longer wanted to do this deal at any price.
That's why the $33 offer seemed "purposely vague"--because Steve wasn't really committed to it. That's why Microsoft walked just after Yahoo finally came to its senses and started to move on price. That's why Yahoo is now telling this story to anyone who will listen--because the mercurial Ballmer really did get over this deal.
(What Yahoo isn't saying, as it rolls out its global don't-blame-us campaign, is that OF COURSE Steve Ballmer is over this deal. For this merger to have a chance of working, both companies have to charge into it with 100% enthusiasm. For the past three months, however, Steve Ballmer has watched as:
- Microsoft's shareholders and employees have peed all over the deal.
- Yahoo has peed all over the deal.
- Yahoo has done everything short of auctioning off the furniture to concoct ANY FUTURE BUT the deal.
None of which is conducive to 100% enthusiasm. If you were Steve Ballmer, wouldn't you have lost interest, too?
So the question is...what will Steve Ballmer do now?
Yahoo isn't the only one who has backtracked here--so has Steve Ballmer. He's just done it over the course of three months. (He's also done it for reasons that we consider sane and pragmatic, but that's a different story.)
The question investors have to answer now is "Now that Yahoo is getting publicly spanked by irate shareholders and is showing a sudden willingness to deal, will Steve Ballmer change his mind again?"
If you assume Steve Ballmer walked because he just had a Saturday afternoon PMS episode, your answer is probably "Yes."
If, however, you assume that Steve Ballmer walked because, gradually, over the course of three months, he fell out of love with this transaction, your answer is probably "No."
We're in the latter camp.
*By the way, Yahoo Chairman Roy Bostock appears to be playing revisionist history here. Yahoo's original demand, at least as floated in the press, was $40. In fact, some in the Yahoo camp are now saying "We moved from $40 to $37" in an attempt to show how reasonable Yahoo was.
See Also: Battered Yahoo Admits It Overplayed Hand, Ready For New Microsoft Talks
Henry/Others - did everyone miss this? TWX was one of the few stocks up BIG yesterday - up 2.41% - while most of the market was down. what's going on here? does the market think someone might buy AOL? msft? yhoo? Goog?
thoughts????
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TIME WARNER INC
TWX
Stock price
16.15 0.38 2.41%
as of 04:01 PM EDT on 05/05/2008
To extend your metaphor – if Ballmer doesn’t now do this deal we will equally be able to stand back & watch as MS shareholders & employees, & Yahoo shareholders & employees, pee all over the rationale for not doing the deal when the deal was to be had.
I get the feeling that we could see one of the most aggressive rollups of internet properties in history.
Linkedin, Digg, Facebook (not to sure about this one) the usual suspects and the not so usual suspects, tivo, webmd, etc
The VC's are going banannas I am sure and thinking about how to position their portfolio co's as worthy of a piece of that $50B
Upside is that MSFT could buy a lot with that kind of cash, the downside is that it may require more integration and resources as none of the properties (speaking particularly about the startups, not tivo, webmd, etc) could stand on their own and allow for a slow transition.
That is why tools like digg and linkedin make sense, but more dynamic sites like facebook, etc, not so much. If a site relies on employee creativity and dynamic founders/employee input (as in if they leave company can easily lose its way), it usually wont work, but plug and play tools can do fine
Just as much of a problem is that the founders and employees of startups 1) tend to have "startups" in their DNA so the likelihood that they would be in for the long haul as a "Softie" is minimal 2) MSFT would have just given the emps enough through the acquisition $$ to be able to bail after the acquisition and still have financial security as opposed to a mature buyout where the most of the employees are still slaves to the clock
thoughts
Bill and Sue need to talk...
But if he does, he's lost Yahoo and may drive them to Google. No, they still want Yahoo. It's hard to want somebody as much after all the fighting, but they still want them at the core of their original objective.
Besides, Henry, your market day analysis doesn't fit with what you knew.
You weren't writing the "caved" stories until well after the market closed. My guess is that I may have broken the story for you personally about 6:44 PM yesterday.
No, Captain Walkster wanted to see 2-3 quick bucks or more, and all MSFT did all day long was to wilt, demonstrating total confusion among its management, shareholders and employees, except a few that were smart enough to trade the walkster news and leave Captain Walkster extremely unhappy for the outcome.
http://finance.yahoo.com/q?s=YHOO
There you are, Captain Walkster, just what you'd expect.
Yahoo up and MSFT neutral... when the magic number now seems more like 34ish, just maybe 35 or so (I sort of doubt 36 now).
MSFT shareholders want this deal done. Too, both Ballmer and Yang benefit from stability in MSFT shares if any subsequent deal is any part in MSFT stock.
I tend to believe that Ballmer thought with MSFT's good quarters that the stock wouldn't have dived from the 33 level when he made the proposal.
My guess now is that any deal in the range of 34-35 has already been discounted, maybe even too highly discounted to the negative and that MSFT stock would probably rise with a done deal.
Captain Walkster, you are hoping against yourself if you think MSFT can duplicate Yahoo elsewhere.
And Henry, you didn't read Ballmer's epistle to his troops just before (metaphorically) he caught a ride to meet Yang and Filo at the Seattle Airport.
I offered up an analysis of that but you guys at SAI didn't take the bait. Here it is now:
If you’ll first find the 425 from May 2, 2008, Ballmer’s “Town Hall Meeting” found here:
http://www.microsoft.com/msft/aspx/secfilings.aspx
It’s rather stunning when you can read it for better context than came from the live reporting. I’ve pulled out some of Ballmer’s comments to illustrate the flow of importance of what he said and, to my mind, why he said it and made it public. At least Vasanth Sridharan (excellent summarization) at SAI was carrying coverage live (don’t know if anyone else was), but now I know why the coverage was cut when SAI did lose it. It’s because it was intended for public consumption and to be leaked up to that point, but it was not intended to report any real questions that were submitted to Ballmer after he concluding his opening comments. His opening remarks were essentially scripted for public consumption, but everything after that wasn’t. Ballmer’s comments were designed more for Yahoo, for analysts, for large shareholders (Yahoo and MSFT) and for Yahoo’s management and board, than they were for employees. Here are a few excerpts from his comments [entirely in brackets]:
[THE FOLLOWING ARE PORTIONS OF A TRANSCRIPT OF A MICROSOFT TOWN HALL MEETING WHICH TOOK PLACE ON MAY 1, 2008 CONTAINING STATEMENTS BY STEVE BALLMER.
STEVE BALLMER: Yeah, anybody live got a question, fine, I’m going to take the first question that was presubmitted. Forty percent of our questions basically are these two.
We’ve been reading a lot about the Microsoft-Yahoo! deal in the newspaper, and recently read a few articles about Yahoo! partnering with Google to avoid being overtaken by Microsoft. As an employee, we would like to understand what’s there in Yahoo! that is attracting Microsoft to buy it.
That’s expensive. That is actually an expensive game. We’re entirely committed to it. Recession, no recession, it’s a long term thing, boom, let’s go after it, no question.
We’re willing to pay for that at some level, and beyond that level we’re not willing to pay for it. Okay, we’re not crazy. We’ve got all the shareholder interest, will you pay arbitrarily? I get even mail from friends of mine, “Oh, are you under immense pressure to go increase your price?” No. I know exactly what I think Yahoo! is worth to me, exactly. I won’t go a dime above, and I will go to what I think it’s worth if that gets the deal done.
I think this is just another tactic that we are exploring, one that we cannot explore very privately, it’s one we have to explore fairly publicly, and then we’ll know where we are, and we continue to move.
And our shareholders probably better understand our overall seriousness about online than they even did before we offered 44 billion bucks. It’s a little hard to be confused about how serious we are about this opportunity.] (end)
--
**You can get the flavor yourself of what he is trying to convey, but I will isolate on a couple of particular remarks of his in consolidated comments of my own. After he describes again (not for the employees who ALREADY know why, but for everyone else I’ve mentioned) why they strategically need Yahoo, he notes that it will be expensive. He’s highlighting expensive by using two phrases to describe expensive: “That’s expensive. That is actually an expensive game.” He goes on to remark that they are “entirely committed” and (prphrz) “nothing is going to stand in our way, not good times, not bad times, not NO times. It’s a long term thing we’re concerned with, so get ON BOARD if you aren’t already on board, because my message is like a cannonade – we won’t be denied. There’s not even a question about the outcome.”
“Okay, we’re not crazy,” he says regarding what they’ll pay. Then he explains all the nagging questions he gets from people who haven’t seen the big picture yet. And it’s a little frustrating because they’re basically trying to tell him what to do, and he already knows what he’s GOING to do and doesn’t need anybody to warn him about how much to pay or not to pay. Later he notes that by now the shareholders ought to be getting a better understanding of just how important this is and how serious Ballmer is about concluding this merger. He has to make the process as public as possible for two reasons. First, because Yang would’ve just played yo-yo with him regardless of the price because he never wanted to sell Yahoo, at any price. Second, it’s taken some time for the MSFT shareholders and employees to get over the shock of realizing the company is about to re-in-vent itself in a way that resembles its very founding. It was born in a controversial relationship with Apple, blasted off to the stratosphere on the backs of the IBM-PC motherboard, and now it’s time for a trip to Mars to try to get a piece of the Internet. Trips to Mars require a sense of dedication and purpose, and they‘re expensive. You want to go to Mars?… You better have a big checkbook, and Ballmer does. He’ll use it and he won’t explain or apologize about it, except that he indeed won’t go crazy. My guess is that he’ll be so excited after he closes a definitive agreement with Yahoo that he won’t sleep that night. Ultimately, it’s not going to make any difference if he has to pony up even the 37… it’s just that he’d certainly go hostile were he unable to get it for less than 40. Only he knows what his last dime is, but it’s not even close to 31, not when you’re planning to go to Mars.
Now, we’ll look at the 425 that’s 13kb from 4/25/2008 found at the same link already provided.
It’s a transcript of Chris Liddell (CL) responding to questions from employees in an internal broadcast that was not (to my knowledge) leaked to the public live as Ballmer’s Town Hall meeting comments were. I’ll pull from it only a couple of items and make **my own comments accordingly.
Here’s the first question from Larry Cohen (LC) in their corporate communications department:
“And you mentioned that in the after hours market today stock was down slightly, certainly a reflection of what you just said. When you take a broader look at the stock performance — recently our 52-week high was at or just above 37, the median price target is 40 — yet we seem to be back in this window again of 30, 31, 32. Even if you account for Yahoo! — which we’ll talk about in a little bit — it seems like there is a lot of pressure on the stock. And a lot of employees, including myself, are wondering: Why is that? Especially because performance actually seems to be pretty good across the board.” (end)
--
**Here we get the real thrust of what is likely the employees’ biggest concern regarding questions for management about the Yahoo deal, not, as Ballmer summarized them in the Town Hall meeting to be “why are we buying Yahoo?” but rather the employees want to know “why is our stock price suffering, even with the Yahoo deal pending, when our performance was pretty good, and why haven’t we heard anything from management lately about the deal with Yahoo?”
Then Liddell answered the question in a long rambling rather simplistic way, ending with the only comment that had any significance [quoting that last remark plus dialog that followed it]:
[And the Yahoo situation and I think until the Yahoo situation clarifies itself one way or another, it’s going to be an overhang on our price.
LC: So most of that you’d attribute to Yahoo
CL: Well you have to say let’s just take the reaction in the two to three days after we announced. There was no other real news around it. I don’t remember exactly how much we dropped. We dropped 2-3 bucks as a result of that. So, you’ve got to say there is some amount around that which is attributable to the transaction or the uncertainty it created.
LC: Yahoo is an interesting point. You talked about Yahoo a little bit on the call. And I’m sure people took notice. What are the next steps there? It’s been a while since employees have heard from Steve or Kevin or others. You talked about it a little bit today. What’s next?] (end)
--
**Liddell goes on to answer in the best way he can, including to remark that the earnings CC had about 2.5 times the number of persons listening (probably about the same number participating) as usual. Of course that is shareholder interest I’m sure, but it’s also likely that a lot of employees were tuned in as well.
My point is that it’s the uncertainty of the situation and its effect on MSFT’s stock price that is more important to them than asking about “why” MSFT is buying Yahoo. They KNOW why. Ballmer’s characterization of their most asked question from the town hall meeting is his OWN, not theirs. They want an update because their lives are just as disrupted wondering when all of this will end as are the lives of Yahoo’s employees disrupted. It’s something best described by Henry as being “deal purgatory” and Ballmer knows it’s disruptive enough that he had to end it by putting a time limit on Yahoo to get this thing closed amicably, or he’s still going to Mars, even if takes going hostile to get the rocket fuel.
Liddell’s remarks in the earnings CC were representative of what many shareholders have felt about this deal since it was announced, and thus it facilitated the “Walksters.” But it misrepresented what Ballmer’s intentions were about raising the bid because Ballmer’s on the way to Mars and he doesn’t care what it takes or what it costs to get there. Having a Google toobar on his Dell computer at home isn’t going to make him overspend or make him crazy, but it does no doubt add to his resolve to close this deal.
--
Now, obviously I wrote all the above review of the Town Hall meetings for employees (Ballmer and Liddell) and technically of course Ballmer has walked… but it was only because he’d built up so much emotion conveying this message and how was that exuberance received later by Yang and Filo… by what Ballmer considered was a slight of his importance. He got his feelings hurt and quit before he could explore the real truth, that Yang wasn’t hung up on 37.
MSFT is a customer of this website, no?
I'm skeptical Steve Ballmer has really "changed his mind."
The rationale for the deal was always this: That in the next two years, $80 billion in off-line ad budgets will flood the web. MSFT has a brief window of opportunity to position itself for this tsunami. Otherwise almost all of it flows to GOOG. Hundreds of billions in market cap are at stake.
I would be incredulous if Ballmer suddenly lost interest in competing in this space.
But to compete and win, he needs YHOO.
Granted, MSFT doesn't need YHOO at any price. Not above $x per share. Not with a GOOG tie up. Not with mutinous employees.
But Ballmer is now positioned to buy YHOO well within his parameters. It appears that YHOO employees are chastened, and would welcome MSFT (and the surge in their options). Shareholder pressure has forced the YHOO BOD to adjust their fantasy valuations...and has so far forestalled a deal with GOOG.
My bet (via May calls): Ballmer has not definitively walked away. He's waiting for a pressured and chastened Yang to call, and will then makes a deal in the $34 - $35 range...appearing magnanimous, winning the gratitude of YHOO employees, and suffering no hit to MSFT stock. This happens before May 15th...the deadline for filing an alternative slate of directors. IMO.
Yang and Filo had every right to use whatever negotiation tactics they had in that final work-out. It's the American Way.
But it was like waving a red flag in front of a bull. Ballmer said he hated looking at the Google Toolbar on his Dell at home. He was flumoxed, because there is no way he is going to deal with Google.
Now, Yang is saying in the press he's open to talks with MSFT again, and he's hesitating in doing the Google deal. He's saying "Steve, we won't do it if you still want to negotiate in good faith."
All the stars have lined up just the way Ballmer would've hoped. Yang and Yahoo have said (Decker too) that the deal was all about price, and Ballmer just didn't understand how close he was.
I'm not much of a conspiracy theorist but seriously now how much weight are you giving to all of this being the product of an innocent misunderstanding??? I'm not buying, one bit.
I say do not play into their hands and ask the poignant questions because to me all of this sounds like a plan to hold up hope and allow "some" a chance to get-out @$25 rather than $19.
YHOO was a bad idea for MSFT that has come and gone. Advertising central to MSFT's existence?
How about "manage the shift to web centric computing" is central to MSFT's existence? GOOG apps or another ad supported app is not going to fly for corporate PC users--MSFT's real customers. That said, the price of Office is likely to soon exceed that of low end PC so something has to give.
1. Microsoft's shareholders and employees have peed all over the deal.
2. Yahoo has peed all over the deal.
3. Yahoo has done everything short of auctioning off the furniture to concoct ANY FUTURE BUT the deal."
Um, you missed an earlier point. Wasn't it Ballmer that published the initial letter telling Yahoo's board that Microsoft wanted to buy them, after giving them a few days to decide privately before he said it would go out. Isn't that why Yahoo kept having to talk about the "unsolicited" offer. You don't think maybe this alone sort of hurt the entire 100% enthusiasm from the start?"
Kudos to Steve Ballmer. I think this is exactly how Henry wrote it. Jerry Yang overplayed his hand, and Steve Ballmer took advantage of it. He taught Jerry Yang, who has no business being a CEO, a big lesson in business.
Ballmer is no longer the bad guy, he walked, knowing full well what the shareholders would be feeling. He knew that Jerry Yang and the BOD would get their asses spanked by the shareholders. They have shit their pants, so now Ballmer is going to let them sit in their own mess for a few days, while the heat turns up on Yahoo. Then, once Yahoo gets desperate, THEY will contact Microsoft and then Ballmer will get the deal done, probably for about $33.
Genius. Now Yahoo will look like the idiots, yet they will have to take the deal, the deal will be friendly for MSFT, and they will get a lower price than they expected.
That's a quote from MSFT's press release announcing its proposal to acquire YHOO in February.
$40 billion in incremental revenue will flood into online advertising in the next two years. YHOO is positioned to either direct much of this flow to GOOG (through an outsourcing deal)...or to MSFT (by being acquired).
At stake: Hundreds of billions in market cap.
If MSFT doesn't acquire YHOO, GOOG wins here. Hands down. Facebook, Linkedin, etc, won't give MSFT the scale to compete with a combined audience of YHOO & GOOG.
MSFT hasn't been pursuing YHOO for 3 months. It has been pursuing YHOO for OVER A YEAR...the Feb proposal was just making public discussions that had occurred in private for some time. MSFT's proposal wasn't a spur-of-the-moment lark...and it won't be abandoned on a whim.
Surely MSFT, in the past year, has done enormous dd and stategizing over its YHOO proposal. And I see nothing that has arisen in the past three months that undermines the rationale for MSFT's offer.
Bottomline: MSFT is in effect waging a proxy battle now...but brilliantly using disgruntled shareholders and employees as its proxy, to force the YHOO BOD to initiate a counter proposal. This tactic will let MSFT acquire YHOO at a reasonable price...and still look like the good guy to shareholders and employees, who will now be grateful for $34 per share.
YHOO has to do something. They will more than likely do exactly what they said they would do--Expand their search ad deal with GOOG to create cash flow upside and placate pissed off shareholders. Maybe, yawn, buy in some stock too.
All this "deal back on crap" is emanating from those unlucky enough to have bought YHOO at $28 hoping for $34 and now holding $24. Make that $25, the hedgies must be working the phones hard.
http://www.facebook.com/group.php?gid=13547974334&ref=mf
When SteveB says Microsoft has withdrawn the bid, it isn't a "negotiating tactic." They're gone, the deal is off, probably forever. Maybe a year from now MSFT might make a third offer (remember, this was their second attempt already) in the mid-to-low 20s, but I think that's a stretch - at this point Microsoft no longer believes there is value in acquiring Yahoo.
You need to realize that Microsoft already had some doubts about this deal and Yahoo's reaction just cemented those doubts. SteveB has been looking for a way to walk away for several weeks, and Yahoo's unreasonable position is just the excuse being used. There wasn't a lot of MSFT-internal support for this deal, MSN was experiencing even worse attrition than Yahoo while the deal was up in the air, and meanwhile Microsoft feels pressure to act now. It would have taken years to get the companies integrated (if ever). Microsoft believes in itself, and believes in its ability to build technology. Microsoft wanted YHOO primarily for its talent and for its audience. Microsoft no longer believes acquiring YHOO is the way to get either.
MSFT employees have an expression, "to flip the bit." When you flip the bit on someone, you've turned off on them -- decided they're bozos -- usually permanently. Microsoft has flipped the bit on Yahoo. They're not coming back.
From most of the Yahoo employees comments in the various Blogs, I don't see that commitment to integrate and fight that battle with Google. The deal price is a red herring. It is only the institutional shareholders that are trying to get this back on track. And Yang's post Saturday's pronunciations are for legal cover. Yang has spoken about the 'proper' valuation of Yahoo. He has never spoken about how he will ensure the acquisition/merger will beat Google. Why not, especially if half the deal is in MSFT shares which will be of higher value if the combined entity is successful against Google? Net, given all these 'datapoints', why should MSFT continue the pursuit of Yahoo in its current form?
At least Jerry and his pals got the name of the
company right... truly a bunch of Yahoos!!
-steve
The one variable that MSFT could not number crunch was how Yang and Filo would react...although I bet they had an idea.
I believe Ballmer got off the train because Yang was determined to sabotage this deal...Ballmer's move was absolutely brilliant if that is the case. Instead of getting into a school yard scrum with Yang he walked away.
What happens now is Yang is left holding the bag...he looks like the fool and Ballmer kept his hands clean. Also avoiding a direct fight to replace the board is a good move for MSFT. As Ballmer walked away he knew he didn't have to fight this fight because there were so many other factions ready to do his dirty work.
1. Large stock holders of YHOO are livid and want Yangs head on a platter.
2. Large deep pocketed hedge funds see an awesome potential deal that they can make happen by sheer force. The spread between YHOO at $25 and MSFT offer at $33-34 is like free cash to these guys. They will buy up shares at this lowered rate and deliver the vote for MSFT...it may be a few months but this deal will go through.
3. Yang will be ousted as well...he no longer has any business at the helm of this company.
Just my viewpoint, we'll see.
"I think that people underestimate Ballmer and MSFT. This is a finely tuned corporate juggernaut."
And that corporate juggernaut has made MSFT go nowhere during the Ballmer era while every other non-windows-based tech company runs past it.
When was the last time MSFT...went UP? MSFT is being crushed in performance by my savings account!
Ballmer's MSFT is finely tuned in the same way that Ford and GM are. Bill Gates may have been a ruthless monopolist, but he sure knew how to increase shareholder value.
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bodrum pansiyonlari
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kapadokya pansiyonlari
kemer pansiyonlari
manavgat pansiyonlari
side pansiyonlari
fethiye pansiyonlari
didim pansiyonlari
kusadasi pansiyonlari
bodrum pansiyonlari
marmaris pansiyonlari
avsa pansiyonlari
avsa otelleri
avsa adasi pansiyonlari
adiyaman pansiyonlari
kemer pansiyonlari
manavgat pansiyonlari
side pansiyonlari
pamukkale pansiyonlari
amasra pansiyonlari
kapadokya pansiyonlari
istanbul pansiyonlari
ucuz pansiyonlar
fethiye pansiyonlari
didim pansiyonlari
ayvalik pansiyonlari
antalya pansiyonlari
alanya pansiyonlari
kusadasi pansiyonlari
bodrum pansiyonlari
marmaris pansiyonlari
termal otelleri
thermal hotels
termal otel tekstilkent
yabancı personel çalışma izni
ikamet tezkeresi
teşvik belgesi
yabancılar çalışma izni
danışmanlık
iso 9001
iso 14001
ohsas belgesi
yabancı çalışma izinleri
teşvik belgesi
ilaç ruhsatı
turizm belgesi
kamera
kamera
kamera
kamera
driver
perde
iso 22000 haccp
teşvik belgesi
yabancı personel çalışma izinleri
kapasite raporu
kobi kredisi
yurtiçi nakliye
iso kalite türkiye
iso kalite
haccp belgesi
ohsas belgesi
yabancı sermaye
teşvik kredisi
teşvik kredisi
garanti belgesi
turizm belgesi
teşvik belgesi
yatırım teşvik belgesi
iso 9001 belgesi
göğüs büyütücü kremler
leke giderici kremler
bitkisel cilt bakım ürünleri
leke giderici ürünler
botoks
botox
güvenlik kamerası
güvenlik kamerası
güvenlik kamerası
güvenlik kamerası
gizli kamera
gizli kamera
gizli kamera
gizli kamera
perde
sesli sohbet
sesli chat
sesli sohbet
sesli sohbet
avsa otelleri
istanbul otelleri
joyturk
iso 22000 haccp
kapasite raporu
yabanci personel calisma izinleri
kobi kredisi
kobi kredisi
iso kalite
iso kalite belgesi
haccp belgesi
ohsas belgesi
yabanci sermaye
iso 9001
yatirim tesvik belgesi
iso 9001
tesvik belgesi
turizm belgesi
garanti belgesi
tesvik kredisi
arazi borsasi
arazi bankasi
arazi borsasi
arsa borsasi
arsa borsa
avsa dunyasi
bitkisel ilac
bodrum otelleri
boya ustasi
boya ustasi
bitkisel ilac
bitkisel ilac
ced raporu
degerinde arsa
dekorasyoncular
dokumculer
economy consulting
elektrik ustasi
emlak bankasi
emlak borsasi
estetikciler
galvaniz kaplama
galvaniz kaplama
garanti belgesi
garanti belgesi
gayrimenkul borsasi
gayrimenkul
ikamet tezkeresi
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
iso 2200 haccp
istanbul otelleri
istanbul otelleri
istanbul gayrimenkul
ithalat izni
kalipcilar
kanser ilaci
kanser ilaci
kapadokya otelleri
kapalicarsi borsa
kapalicarsi emlakci
kaplamaci
kaplamaci
kaplica otelleri
kelepir arsa
klima servis
klima servisi
klimacilar
klima
klima servisleri
kobi kredisi
konserveci
konserveci
konserveci
magaza dekorasyon
makarna
ofis dekorasyon
ohsas belgesi/a>
otel ekipmanlari
oto yan sanayi
personel servisleri
plastik cerrahi
rahim kanseri
satilik arsa
seker hastaligi
sut urunleri
tesvik kredisi
tesvik belgesi
tesvik kredisi
turizm belgesi
turizm isletme belgesi
turkey economy
turkey economy consulting
unlu mamul
unlu mamuller
turizm belgesi
unlu mamul
villa dekorasyon
yabanci calisma izni
yabancilar calisma izni
yapi malzemeleri
yatirim tesvik belgesi
etiket
haccp belgesi
haccp belgesi
hibe tesvikleri
ohsas 18001
ohsas belgesi
ohsas belgesi
tarim tesvik
tesvik
tesvik
tesvik belgesi
tesvik belgesi
tesvik belgesi
tesvik belgesi
tesvik belgesi
yatirim tesvik belgesi
yuksek tansiyon
Considerable amount of Archlord money content via questing. Music scored by the London Symphony Orchestra.
You have to buy Archlord gold in the game like WoW then pay a monthly fee.
In the two years I made many good friends also spend much money to buy the Archlord gold, but I do not have a little sad.
I made a foreign people who called Tom. I think he was very handsome, because I always in trouble in Archlord Online and he often helped me without any Archlord cheap.
شبكة البرامج | برامج |
بلوتوث |
منتديات |
العاب |
فيديو | برامج بورتابل |
برامج جديدة |
صور مرعبه |
منتدى الهكر
اضف موقعك
باب الحاره
you are good at your work .
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مركز تحميل تحميل ملفات رفع صور مركز تحميل الصور