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MSFT-YHOO-GOOG: High-Stakes Chess Match Ain't Over Yet
Posted May 09, 2008 12:13pm EDT by Aaron Task in Investing, Internet, Venture Capital, M and A, IPOsIs Microsoft giving Yahoo a face-saving way to come back to the negotiating table? That's one interpretation of Microsoft's latest statements and decision to dismantle is proxy board slate. It's also a plausible explanation for why Yahoo shares have been so surprisingly strong this week.
Overnight, Bill Gates reiterated his prior comments about how Microsoft is now " focused on its independent strategy," but he didn't totally rule out a deal. Neither did chief strategy officer Craig Mundie, whose comments yesterday included plenty of wiggle room, as Henry Blodget writes.
"Yahoo could always come back again and say please buy us for $33 (a share) and I'm sure we might reconsider it, but we're not assuming that's going to happen," Mundie said.
The bottom line is the ball is in Yahoo's court, as Henry and I discussed earlier this week -- and Microsoft is signaling it would be receptive to negotiations.
Also, Microsoft's decision to release members of the proxy board slate from their obligations could be viewed as a sign the company isn't planning a hostile offering -- not that it's totally ruled out doing a deal (period).
Meanwhile, Sergey Brin made some effusive comments about Yahoo yesterday, saying Google remains open to doing an outsourcing deal, refuting rumors to the contrary. On another level, Brin is helping Tech Ticker's parent maintain some leverage on the chance Yahoo chooses to revive negotiations with Google's archenemy, Microsoft.
29 Comments
Brian K - Saturday May 10, 2008 12:42PM EDT
Bill Gates has already signaled a YHOO buyout. How? This quote, "The Internet has been operating now for 10 years," Gates said. "The second 10 years will be very different." It won't happen with old Windows versions.
James - Saturday May 10, 2008 06:25PM EDT
This deal is a win win for both MSFT and YHOO! They should settle on a price already and put it to bed, thinking 33.50 would be fair PRICE for both parties! The only way this dos not happen is if personal egos get in the way, that would be a disservice to the share holders of both YHOO and MSFT!
Nityut S - Saturday May 10, 2008 07:08PM EDT
NO DEAL !!! (mark these words). Yang hates MSFT and now MSFT wants to do nothin with YANGooz. But investors like me will recoup our investment. A ballot will be in the mail to dismantle the current YHOO Board (early June). If individual investors vote, the BOD is gone. With Yang-a-rama out of the way, the merger will make sense for both companies. $33 in Jul 08.
Yahoo! Finance User - Saturday May 10, 2008 10:29PM EDT
YHOO still has 30 million+ shares shorted before tanking to $23 on 5-May, 50 times on their 09 forwarding PE, whoever believe its worth more than $47.5 B need to prove and forming multiple legs on $23 for a strong support level, otherwise, talking is cheap !
jimmynam - Sunday May 11, 2008 11:36AM EDT
all you b.s you gay no nothing yahoo & you gay will see yahoo make change /////////////////////////
Yahoo! Finance User - Sunday May 11, 2008 11:45AM EDT
YO YO YO YO Microsoft!!! Make me some money!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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rollingstonegathersnomoss - Friday May 09, 2008 08:10PM EDT
$33 bucks and incentives worth another $4 if the are met within a year.NOW that saves face and allows Both Yang and Balmer to save face. Yang has to put his money where his mouth is.Even if they dont meet the incentives. $33 I can live with