Song of The Day: What’d I Say - Artist: Ray Charles
So Yahoo! says no thank you to Microsoft. Why? Offer undervalued:
After a series of meetings over the past week, Yahoo’s board determined that the $31 per share offer “massively undervalues” Yahoo, the person said. It also doesn’t account for the risks Yahoo would be taking by entering into an agreement that might be overturned by regulators. The board plans to send a letter to Microsoft Monday, spelling out its position.
Although I expected this, I’m still glad to see fight left in Yahoo! As one of the all-time Internet greats, it’s good to see, that they still see, more value in the company.
Do this or else type offers are risky, but Microsoft may get the desired effect by coercing Yahoo! back to the bargaining table. With Microsoft’s persistent culture and vast coffers those qualities could help Yahoo! in the battle to gain ground.
Unless Microsoft continues to show their hostile side, I would expect a Google-AOL type deal or other partnership.
As always, we’ll see….