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It appears that Yahoo is going to reject the current offer from Microsoft under the grounds that it is too low. While Microsoft offered them $31 on February 1st, a 62% premium over their closing price on January 31st, the rumor is that Yahoo wants to hold out for $40 a share, or $51.1 billion dollars.
The interesting thing here, if it proves to be true, is that this is the first sign that Yahoo would indeed be willing to sell. The question then is how Yahoo decided they were worth $51.1 billion, a number that is twice their stock price in January. Is there some secret in the Yahoo basement we don’t know about, like a perpetual motion machine? Jimmy Hoffa’s corpse? OH! I know! Yahoo sits on top of the warehouse from Raiders of the Lost Ark!
I am no personal fan of Microsoft, but even I think their offer of $31 a share was more than fair for the current shape of the former search engine king. January 2006 was the last time their stock was even close to $40, and except for the bump in the wake of the Microsoft news, the stock has been on a steady downward slope. It’s nice they have ambitions to be big again, but the current corporate atmosphere towards the company just doesn’t seem to reflect what they think they are worth.