MSFT doesn't care about Yahoo's stock price. They want search and they will do the same thing they did with the whole company. They will put a figure out that they think it's worth and the board can either take it or leave it. Whether it's a significant premium to today's stock price remains to be seen. It may be and it simply may not be. I have a feeling when Ballmer makes a move this time he wants to get a feeling the deal won't be turned into an embarrassment. That's why Icahn and some other borad members will likely bargain it in private instead of a tossed out press release.