Yahoo’s not just turning down an internet king’s ransom for a Microsoft merger, but they even rejected a partial buyout from Microsoft that would have given them 35 per share for several of MY SHARES and also woud have added a cool billion or so to the bottom line in an MS advertising deal.
Kara Swisher has more details, and is looking great with a hip new hairdoo!
My guess is that rejecting this modifed Microsoft Merger offer will put a nail in the Yahoo board’s coffin. They had a case – albeit a weak one – that Yahoo unfettered with MS could have dug themselves out of a hole, but this makes it even more crystal clear that they weren’t even willing to do *anything* with Microsoft. I think that would suggest a level of corporate indifference to shareholders that is going to leave a lot of folks….well…..ticked.
Disclosure: long on YHOO
Joe Duck 
“Ticked” doesn’t begin to describe my emotions, Joe. I’m going to hand-deliver my Yahoo share certificates to Carl Ichan along with a Louisville Slugger he can carry to the Yahoo annual meeting.
This mess is one of the worst examples of founder self-aggrandizement at shareholder’s expense I’ve ever seen. Jerry Yang’s conduct borders on felonious and his board should be prosecuted for aiding and abetting.
Amen to you Dave!
You are spot on!
Dave – ha, I agree that “ticked” is a total understatement. I’m a little suspicious that Icahn may be working this angle strategically. The ideal deal for him is to make everybody – even including MS, think the deal is off and then keep on buying at the reduced prices and then come on in and force a new board and a probable sale to MS. It’s a high stakes game because MS can lose interest or Icahn can lose the battle or the poison pills could be too costly, but luckily we can all play. I’ll consider more YHOO if it goes below 20 again…