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8 Tech Companies That Turned Down Huge Buyouts

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This week Snapchat founders Evan Spiegel, 23, and Bobby Murphy, 25, made headlines by rejecting a reported $3 billion offer from Facebook. They're holding out for something better. Here are eight more tech companies that rejected huge buyout offers. Some made the smart decision. Others, not so much.

1) Yahoo! rejects $44.6 billion offer from Microsoft (2008)

In 2008, Google was on the rise, and there was nothing anyone could do about it. In a last ditch effort, Microsoft rushed to defend against a Google global takeover by offering to buy Yahoo! for $44.6 billion. Yahoo! co-founder Jerry Yang felt the offer was too low and rejected Microsoft’s bid. Unfortunately, after the rejection, Yahoo! stock plummeted, Yang left the company, and Microsoft moved on. 

2) Groupon rejects $6 billion offer from Google (2010)

As Google’s global presence skyrocketed, the company sought to tap into local markets of the mom-and-pop variety in order to bolster profits. Naturally, Google shifted its gaze to Groupon, whose network had spread through North America, Latin America, and Europe. At the time, the company was gathering more than $1 billion in annual revenue. Google offered the company a $6 billion buyout, and Groupon CEO Andrew Mason rejected the offer. After the rejection, Groupon’s popularity waned and its profits bottomed out. Groupon fired Mason earlier this year.

3) Rovio rejects $2 billion offer from Zynga (2012)

Given the popularity of web games like FarmVille and CityVille in 2012, Zynga was on the hunt for the next big thing in social games. Zynga offered $2 billion to Rovio Entertainment Oy, the Finnish company that brought us the ever-addicting Angry Birds game. Rovio rejected the offer, and Zynga moved on to greener pastures in the mobile-game network.

4) Facebook rejects $1 billion offer from Yahoo! (2006)

In the early days of Facebook, Mark Zuckerberg confronted offers left and right. In 2005, Zuckerberg was in negotiations with MySpace CEO Chris DeWolfe about a Facebook buyout. When Zuckerberg insisted on an asking price of $75 million, DeWolfe balked. Early in 2006, Viacom offered Facebook $750 million; Zuckerberg raised his asking price to $2 billion, and Viacom snubbed the deal. Later that year, Yahoo! entered the picture and made an offer of $1 billion to Facebook. Yahoo! was quickly losing the interest of its younger demographic and saw Facebook as its last chance to catch the attention of wide-eyed youngsters. Zuckerberg eventually rejected the Yahoo! offer. Instead, Facebook made a deal with Microsoft to acquire the company’s Atlas Solutions, an ad-serving product Microsoft purchased in 2007.

5) Twitter rejects $500 million offer from Facebook (2008)

In 2008, Twitter’s popularity was on the rise, and Facebook quickly jumped at the chance to buy the company. Twitter rejected the offer for a couple of reasons. First, Facebook’s offer was an all-stock offer, and Twitter wanted cash. Twitter believed Facebook’s valuation was inflated, meaning the stock was far less valuable than Facebook claimed. Second, Twitter had high hopes for a secret revenue model that they hoped to launch in 2009. This month, Twitter finally went public. The company, which set its IPO pricing at $26 per share, saw its share price soar to $45.10 because of strong investor demand. The company received a valuation of over $24 billion.

6) Foursquare rejects $200 million offer from Yahoo! (2010)

In 2010, Foursquare was at the forefront of social networking and one of the first sites that existed entirely on a mobile platform. Both Facebook and Yahoo! offered Foursquare CEO Dennis Crowley buyout offers, but Crowley rejected both in favor of a higher asking price. As time passed, other geotagging apps sprang up – like Gowalla and Spindle – and sold for far less. One business analyst believes that Foursquare will fail by the end of this year and will be forced to sell for less than $50 million.

7) Friendster rejects $30 million offer from Google (2003)

Founded in 2002, Friendster fielded an offer from Google in 2003 for $30 million. Friendster was essentially the pioneer of social networking and expected to become a huge hit. Many advised Friendster to reject the offer and wait for internet stardom. That stardom never came. As other social networking sites like MySpace and Facebook flooded the market, Friendster went the other way and became an iconic case of failure. For young business entrepreneurs looking for investors, “Tell me why you have the next big thing” became “Tell me why you’re not the next Friendster.” MOL Global purchased the company for $26.4 million in 2009. If Friendster had accepted Google’s offer, that stock would have been worth at least $180 million.

8) Qwiki rejects $150 million offer from Google (2010)

In 2010, Qwiki won the editor’s choice at TechCrunch Disrupt. The mobile video app quickly caught the eye of Google, which offered to buy the startup for $150 million. Qwiki believed their company was worth a lot more and decided to hold out. Unfortunately, Vine launched and Qwiki floundered. Yahoo! later bought Qwiki for $50 million.

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15 Things You Might Not Know About One Flew Over the Cuckoo’s Nest
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Milos Forman's One Flew Over the Cuckoo’s Nest, which premiered on this day in 1975, won critical acclaim, box office success, and a shelf full of Oscars. But even if you love the complex exploration of life inside a 1960s psychiatric hospital, there are a few things you may not know about its behind-the-scenes story. 

1. CUSTOMS NEARLY DOOMED THE PROJECT. 

Despite the middling success of the 1963 stage adaptation of Ken Kesey’s novel starring Kirk Douglas, Hollywood legend Douglas was dead set on adapting the story for the screen. Douglas contacted Czech director Miloš Forman about the project, promising to send Forman a copy of the book for his perusal. 

Douglas mailed Forman the novel, but the package was confiscated by Czechoslovakian customs and never reached the director. Unaware of the parcel’s fate, the filmmaker resented Douglas’ broken promise, and Douglas thought Forman rude for never bothering to confirm receipt of the novel. It took a decade to sort the mess out, and things only cleared up when Kirk’s son Michael Douglas took another crack at production and contacted Forman once more. 

2. ONE STUDIO WANTED TO CHANGE THE ENDING.

When producers were shopping the picture to studios, 20th Century Fox was interested, but with a catch. Fox would distribute the film, but only if the filmmakers would agree to rewrite the ending; the studio wanted McMurphy to live. Producers Saul Zaentz and Michael Douglas wisely considered this a deal breaker, and United Artists eventually distributed the film.

3. JACK NICHOLSON AND LOUISE FLETCHER WERE NOT THE FIRST CHOICES FOR THEIR CHARACTERS. 


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When Kirk Douglas spearheaded the first attempt to bring One Flew Over the Cuckoo’s Nest to life on the big screen in the 1960s, he had intended to play the Randle Patrick McMurphy role himself, just as he had on stage. When production began in earnest 10 years later, Douglas was too old for the part, leaving director Forman to consider and contact the likes of Gene Hackman, Marlon Brando, and (his personal favorite) Burt Reynolds before finally settling on Jack Nicholson.

A number of different actresses were considered for the role of Nurse Ratched, the film’s central antagonist, as well: Anne Bancroft, Colleen Dewhurst, Geraldine Page, and Angela Lansbury were all in the running, before Louise Fletcher ultimately got the part. 

4. LOUISE FLETCHER CHANGED FORMAN’S VIEW ON THE CHARACTER. 

Forman’s original view of Nurse Ratched was as “the personification of evil,” a characterization that made Louise Fletcher a bad fit for the part in the filmmaker’s mind. As Fletcher pressed for the role, Forman’s perspective of Ratched evolved: “I slowly started to realize that it would be much more powerful if it’s not this visible evil,” he said. “That she’s only an instrument of evil. She doesn’t know that she’s evil. She, as a matter of fact, believes that she’s helping people.” This new take on the character paved the way for the official casting of Fletcher. 

5. SEVERAL OF THE FILM’S STARS WERE NOT ACTORS. 

Following the production team’s decision to use Oregon State Hospital as its shooting location, the producers hit on the idea of casting facility superintendent Dr. Dean Brooks as Dr. John Spivey, the doctor charged with assessing R. P. McMurphy’s psychological health. Brooks agreed to play what turned out to be a sizable role, though it would be the only acting job he would ever take. He also helped secure employment for many of his hospital’s patients as extras and crew members during production. 

Mel Lambert, another non-actor, was wrangled to play the harbormaster who protested McMurphy’s ad hoc fishing trip. What’s more, Lambert—a respected area businessman who had a strong relationship with the local Native American community—introduced the production team to Will Sampson, the 6-foot-5-inch-tall Muscogee painter who would make his acting debut as the major character Chief Bromden. 

6. THE STARS LIVED ON THE WARD DURING PRODUCTION. 


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All of the actors who played patients actually lived on the Oregon State Hospital psychiatric ward throughout production. The men personalized their sleeping quarters, spent their days on campus “get[ting] a sense of what it was to be hospitalized” (as actor Vincent Schiavelli put it), and interacting with real psychiatric patients. 

7. MANY SCENES WERE SHOT WITHOUT THE ACTORS’ KNOWLEDGE. 

To complete this realistic immersion, Forman led his performers in unscripted group therapy sessions in which he directed the actors to develop their characters’ psychological maladies organically. He would often capture footage of the actors, both in and out of character, without explicitly mentioning that the cameras were rolling. The film’s final cut includes a shot of a visibly irritated Fletcher reacting to a piece of direction fed to her by Forman. 

8. FORMAN AND NICHOLSON HAD A TREMENDOUS SPAT OVER THE FILM’S PLOT. 

While the intensity of the turmoil varies from rumor to rumor, reports from the set were consistent on one fact: The star refused to speak with Forman for a large chunk of the production process. Nicholson took issue with Forman’s suggestion that the hospital inmates would be an unruly bunch upon the initial arrival of McMurphy. Instead, the actor insisted that such disavowal of the medical staff’s authority should only begin after the introduction of McMurphy into their lives and routines. 

Although the version of the story that we see in the film today is more closely associated with Nicholson’s alleged reading, suggesting that Forman ultimately took his advice, Nicholson refused to interact with his director from that point forward. When the star and Forman needed to communicate with one another, they used cinematographer Bill Butler as a middleman. 

9. DANNY DEVITO CREATED AN IMAGINARY FRIEND DURING PRODUCTION. 


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Emotionally strained by a demanding shooting schedule that kept him 3000 miles from his future wife, Rhea Perlman, DeVito developed the coping mechanism of an imaginary friend with whom he would have nightly chats. Concerned that his own sanity might be slipping away, DeVito sought the advice of Dr. Brooks, who assured him that there was no reason to worry as long as DeVito could still identify the character as fictional. 

10. THE CREW WAS WORRIED ABOUT THE SANITY OF ONE CAST MEMBER.

While Dr. Brooks had no concerns about DeVito, he echoed the rest of the cast and crew’s apprehensions about the psychological state of Sydney Lassick, who played Charlie Cheswick. Lassick exhibited increasingly unpredictable and emotionally erratic behavior during his time in character, a pattern that culminated in a tearful outburst during his observation of the final scene between Nicholson and Sampson. Lassick became so overwhelmed during the scene that he had to be removed from set. 

11. FLETCHER TOOK OFF HER CLOTHES IN ORDER TO GET FRIENDLIER WITH HER CO-STARS.

Envious of the camaraderie her male costars had forged, and hoping to dispel any associations with her tyrannical character, Fletcher surprised the cast one evening by ripping off her dress on the crowded ward. Years later, the actress laughed about the display, saying, “‘I’ll show them I’m a real woman under here, you know.’ I think that must have been what I was thinking.” 

12. THE FISHING TRIP SCENE BARELY MADE IT INTO THE FILM. 

Initially, Forman was vocally opposed to including a scene that took place beyond the grounds of the hospital out of concerns that a temporary liberation would undercut the dramatic force of the film’s ending. In the end, Zaentz convinced Forman to shoot the fishing trip sequence. It was the final scene filmed and the only piece shot out of chronological order. 

One thing to look for in the fishing scene: A very subtle Anjelica Huston cameo. Huston, who was dating Nicholson during production, has a nonspeaking role as one of the spectators on the dock as McMurphy and his fellow patients steer the stolen boat back to shore. 


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13. ONE FLEW OVER THE CUCKOO’S NEST WAS THE FIRST FILM TO WIN ALL “BIG FIVE” ACADEMY AWARDS IN 41 YEARS.

Not since 1934's It Happened One Night swept the Oscars had a film walked away with awards for Best Picture, Best Director, Best Actor, Best Actress, and Best Screenplay. One Flew Over the Cuckoo’s Nest took home the lot, with Nicholson and Fletcher winning the top acting awards. The feat would not be matched again for another 16 years, with Silence of the Lambs becoming the next (and last to date) movie to earn the distinction. 

14. THE FILM ENJOYED ONE OF THE LONGEST THEATRICAL RUNS IN MOVIE HISTORY. 

One Flew Over the Cuckoo’s Nest was revered worldwide, but Swedish viewers developed an especially soft spot for the film. Cuckoo’s Nest remained a regular option for Swedish moviegoers through 1987—11 years after its initial release. 

15. KESEY REFUSED TO SEE THE FILM (BUT MAY HAVE BY ACCIDENT). 

The poster child for the “the book was better” movement, One Flew Over the Cuckoo’s Nest author Kesey disapproved of a big screen adaptation of his novel as soon as he found out that the filmmakers had abandoned the use of Chief Bromden as the story’s narrator. Kesey never intended to see the movie, but one story says he inadvertently caught a few moments during a bout of channel surfing one evening. Once Kesey realized what he was watching, he promptly changed stations.

According to fellow novelist Chuck Palahniuk (who has famously praised director David Fincher’s adaptation of his novel Fight Club, plot changes and all), Kesey once stated privately that he did not care for the material.

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The Origins of 10 Thanksgiving Traditions
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There's a lot more to Thanksgiving than just the turkey and the Pilgrims. And though most celebrations will break out the cranberry sauce and pumpkin pie, there are a number of other customs that you might be less aware of (and some that are becoming too ubiquitous to miss).

1. THE TURKEY TROT FOOTRACE

Many towns host brisk morning runs to lessen the guilt about the impending feast (distances and times vary from race to race, but the feel-good endorphins are universal). The oldest known Turkey Trot footrace took place in Buffalo, New York, and has been happening every year since 1896. Nearly 13,000 runners participated in the 4.97 mile race last year.

2. THE GREAT GOBBLER GALLOP IN CUERO, TEXAS

During their annual TurkeyFest in November, they gather a bunch of turkeys and have the "Great Gobbler Gallop," a turkey race. It started in 1908 when a turkey dressing house opened in town. Early in November, farmers would herd their turkeys down the road toward the dressing house so the birds could be prepared for Thanksgiving. As you can imagine, this was quite a spectacle—as many as 20,000 turkeys have been part of this "march". People gathered to watch, and eventually the first official festival was formed around the event in 1912. The final event of the celebration is the Great Gobbler Gallop, a race between the Cuero turkey champ and the champ from Worthington, Minnesota (they have a TurkeyFest as well). Each town holds a heat and the best time between the towns wins. The prize is a four-foot trophy called "The Traveling Turkey Trophy of Tumultuous Triumph."

3. FRANKSGIVING

From 1939 to 1941, President Franklin D. Roosevelt moved Thanksgiving up by a week. In '39, Thanksgiving, traditionally held on the last Thursday of November, fell on the 30th. Since enough people would wait until after Thanksgiving to start their Christmas shopping, Roosevelt was concerned that having the holiday so late in the month would mess up retail sales at a time when he was trying hard to pull Americans out of the Great Depression. It didn't entirely go over well though—some states observed FDR's change, and others celebrated what was being called the "Republican" Thanksgiving on the traditional, last-Thursday date. Colorado, Mississippi, and Texas all considered both Thanksgivings to be holidays. Today, we've basically split the difference—Thanksgiving is held on the fourth Thursday of November, regardless of whether that's the last Thursday of the month or not.

4. THE PRESIDENTIAL TURKEY PARDON

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The story goes that since at least Harry Truman, it has been tradition for the President of the U.S. to save a couple of birds from becoming someone's feast. Records only go back to George H.W. Bush doing it, though some say the tradition goes all the way back to Abraham Lincoln pardoning his son's pet turkey. (Lincoln is also the President who originally declared that the holiday be held on the last Thursday of November.) In recent years, the public has gotten to name the turkeys in online polls; the paired turkeys (the one you see in pictures and a backup) have gotten creative names such as Stars and Stripes, Biscuit and Gravy, Marshmallow and Yam, Flyer and Fryer, Apple and Cider, and Honest and Abe last year.

5. THANKSGIVING PARADES

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Everyone knows about the Macy's Parade, but for a more historically accurate parade, check out America's Hometown Thanksgiving Parade in Plymouth. The parade starts with a military flyover and continues with floats and costumed people taking the parade-goers from the 17th century to the present time. There are nationally recognized Drum and Bugle Corps, re-enactment units from every period of American history, and military marching units. And military bands play music honoring the men and women who serve in each branch: the Army, the Navy, the Marines, the Air Force, and the Coast Guard.

6. BLACK FRIDAY

Black Friday, of course, is the day-after sales extravaganza that major (and minor) retailers participate in. Most people think that the term comes from the day of the year when retail stores make their profits go from red to black, but other sources have it originating from police officers in Philadelphia. They referred to the day as Black Friday because of the heavy traffic and higher propensity for accidents. Also, just because you hear that it's "the busiest shopping day of the season" on the news, don't believe it. It's one of the busiest days, but typically, it's hardly ever the busiest, though it typically ranks somewhere in the top 10. The busiest shopping day of the year is usually the Saturday before Christmas.

7. CYBER MONDAY

Black Friday is quickly being rivaled in popularity by Cyber Monday. It's a fairly recent phenomenon—it didn't even have a name until 2005. But there's truth to it—77 percent of online retailers at the time reported an increase in sales on that particular day, and as online shopping has continued to grow and become more convenient, retailers have scheduled their promotions to follow suit.

8. BUY NOTHING DAY

And in retaliation for Black Friday, there's Buy Nothing Day. To protest consumerism, many people informally celebrate BND. It was first "celebrated" in 1992, but didn't settle on its day-after-Thanksgiving date until 1997, where it has been ever since. It's also observed internationally, but outside of North America the day of observance is the Saturday after our Thanksgiving.

9. FOOTBALL

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It's a common sight across the U.S.: parents, cousins, aunts, and uncles passed out on the couch watching football after dinner. Well, we have the first Detroit Lions owner, G.A. Richards, to thank for the tradition of Thanksgiving football. He saw it as a way to get people to his games. CBS was the first on the bandwagon when they televised their first Thanksgiving game in 1956. The first color broadcast was in 1965—the Lions vs. the Baltimore Colts. Since the 1960s, the Dallas Cowboys have joined the Lions in hosting Thanksgiving Day games, and the NFL Network now airs a third game on that night.

10. NATIONAL DOG SHOW

Of course, if football isn't your thing, there's always the National Dog Show. It's aired after the Macy's Parade on NBC every year. Good luck telling your dad that he'll be enjoying Springer Spaniels instead of the Lions or Cowboys, though.

A version of this story originally published in 2008.

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