Thanks, But No Thanks

Yahoo! executives reiterated today that the Microsoft takeover bid "substantially undervalues" the company. They did leave the door open by stating that they remain open to a deal if it "is superior to our other alternatives." Other alternatives? Such as the price dropping back into the teens with a bid withdraw? Such as Microsoft lowering their bid and taking an even more aggressive approach, such as nominating a new board? My guess is they are looking for a higher price, and Microsoft is likely to pay up, regardless of what each side is saying in public, but who really knows. With comments like "Moreover, Steve, you personally attended two of these meetings and could have advanced discussions in any way you saw fit," it is certainly getting more personal - which always complicates things.

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