AOL and Yahoo star in “Spawn of the Ugly Ducklings”
After Yahoo turned down Microsoft’s offer of over $31 per share there has not been much good news for a troubled Yahoo, with a price now right about *half* what Microsoft offered. However it does appear that Yahoo will merge with another struggling internet empire: AOL. Time Warner’s merger with AOL years ago will probably go down as one of the most misguided corporate marriages in history leading as it did to nothing but heartaches and lowered TW values, but the Yahoo deal actually seems to make a lot of sense to me if Yahoo can get it’s management act in gear. With AOL Yahoo will control even more valuable internet items such as about half of all the email accounts in the world. Some reports suggest that Microsoft may have even more interest in a combined Yahoo AOL. In today’s challenged fiscal environment it seems unlikely Yahoo could refuse another MS takeover even at a reduced cost per share.
Disclosure: Long on YHOO
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