Nice play by the arbitrageurs. As a group buy a large stake. Demand a price you know MSFT won't meet in order to collapse the stock price. Increase stake for a minimal amount and gain control of the majority of the stock(all owning less than 15%). Go to MSFT and let them know that 33-35 would be just fine. Go to the Yahoo board and let them know you will field your own slate of directors that support a merger with MSFT if they don't agree to the lower price.