Microsoft CEO Steve Ballmer said last week he had a set price he would pay for Yahoo, and he meant it.
Yahoo’s board of directors didn’t move downward from its $37/share line after Ballmer upped Microslob’s initial offer to $33 from $31, so Ballmer has pulled the offer. And, he doesn’t appear to try to go with a hostile takeover bid.
Result? Many Wall Street analysts are predicting a raft of shareholder lawsuits against Yahoo.
If that’s the case, the only way out for Yahoo’s board may be to grovel back to Ballmer — who will make a nice $31/share offer.
However, there were other issues. Yahoo was worried, rightly, about regulatory issues. It also wanted a “lock-in” in Ballmer’s offer.
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