Why would anyone pay more than a 40% premium? No way the price is $55. Probably more like $40. Asian assets and current cash, with the improvement of Alibaba and YJ even after taxes will be $20 billion this year.
The Asian assets are worth about $10-$12 pps after tax based on last sale, the core possibly over $4 and nobody pays a premium on the cash or the Asian assets.
Nobody was willing to buy Yahoo when it was trading for months in the $14-$16 range with the -for sale- sign in the window. Why would somebody want to buy Yahoo when it is trading in the 20s? It´s not as if anybody has needed or wanted any part of Yahoo since 2008.