Seems like the $31 offer is off the table after expiration date reached with no news of a deal. So what remains, a proxy could be announced on Monday or Microsoft could simply say that they are walking, initiate a large buyback of shares, and look for other online services partners. A proxy battle could be waged and the offer reduced to $28-$31. Either way, it looks like a higher offer is not realistic given the MSFT CFO comments last week and YHOO's position not to comment or openly discuss with MSFT.
I think that MSFT backs off for now and then initiates proxy battle and then reconsiders offer price later. I doubt that the offer will exceed $31 though since there have been so many comments from MSFT that the deal is fully valued and would consider lowering the price, never saying anything about raising the price.
The deal is not fully valued. It's ridiculously over priced. Of course MSFT wanted YHOO last year for $40. Luckily YHOO turned them down. MSFT can wait another year and offer $22. It would still be too high an offer, but at least they'd save a few billion.
There is value with Yhoo and like most people sometimes they dont do things till they have to.Yang is in a fire storm. If he does nothing is will get burned. If he moves forward and gets off his butt 31 dollars in a year will be half what Yhoo is worth. The problem at MSFT and YHOO is getting the job done. They never are able to fix the bugs or think outside the box. A person with a old computer has to turn off updates because they never can finish the job. A security splice here. A needed update here . Just make a product that is finished and tested before you put it out. Dont make the testers the buyers. I own both stocks and see what Ballmer does. The future is the internet and for about 35 bucks a share you will get number two. I believe MSFT/YHOO =number 1 in a few years . Get the job done !