As predicted here yesterday, Yahoo is readying itself to reject Microsoft’s US$31-a-share takeover offer.
Yahoo, to no one’s surprise, believes the offer “massively undervalues” the company, the paper said.
The Wall St. Journal (quelle surprise),citing unnamed sources, broke the news today.
Yahoo will eventually take Microsoft’s takeover offer though the bid will probably have to be in the US$34 to US$37 range. Yahoo has said it’s exploring several alternatives but it’s the opinion of this here blogger Yahoo has no choice but to take Microsoft’s second (or maybe the third or fourth) offer.
Yahoo doesn’t have a choice. The company’s stock (pre-Microsoft takeover offer) has had sunk by about a third, no white knights are waiting in the wings and the U.S. online advertising market may be softening which doesn’t bode well for the company’s seemingly endless turnaround effort.
Let the games begin (or is it continue?)
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