I have no horse in this race, but how can Yahoo say the bid undervalues Yahoo, when just 2 weeks ago it was trading at $19? Does Yahoo management believe they could increase shareholder value by 50% in the next 2 years? I understand this is a neogation tatic, but what if MSFT isn't bluffing and pulls their offer?
than like last time yahoo will tank....and I am not sure that the stockholder have any recourse with these idiots... they cannot enhance stockholder value....I am selling my position on before hour...tired of these idiots....
Don't worry. This is the standard takeover dance. Bidder A makes low (but not ridiculous) offer. Target B then says, no. Lots of noise back and forth for a couple weeks while bidder A threatens to pull bid and emphasizes how target B's stock will plummet if offer is pulled. Bidder A makes slightly higher offer to shareholders and launches proxy contest to replace Board or part of Board at upcoming stockholders' meeting. More noise. Then in the weeks before the annual meeting, Bidder A raises bid enough to get major shareholders to say yes and (usually) target B says yes just before the stockholders' meeting.
So moral of the story is don't worry. There's a lot more footsteps to come in this dance. MS wouldn't have started down this path unless they intended to go through.