May 5 (Bloomberg) -- Yahoo! Inc. Chief Executive Officer Jerry Yang said he would be open to another bid from Microsoft Corp. or other companies at a price he considers appropriate.

Yahoo continues to speak with other companies about ways to increase its value, Yang said today in a phone interview with Bloomberg News. While the Sunnyvale, California-based company isn't for sale, it would listen, ``should somebody else come back someday and want to buy the company,'' he said.

Yahoo, the most-visited U.S. Web site, turned down a $33 a share offer from Microsoft, which withdrew its bid on May 3. Yahoo was cut to ``sell'' by Citigroup Inc. and ThinkPanmure LLC analysts today, and its stock dropped 15 percent.

``The most important way to move the stock is to execute better,'' said Yang, 39. ``What I am going to do is be very proactive and discuss with as many shareholders as possible in the upcoming weeks or months about our strategy, where we are in the business, how we can execute.''

Yahoo's operations are in ``much better shape'' than they were three months ago, he said.

Yahoo fell $4.30, the most in almost two years, to $24.37 at 4 p.m. in Nasdaq Stock Market trading. The shares have gained 4.8 percent this year. Yang, who co-founded Yahoo in 1995 with fellow Stanford University student David Filo, lost $232.7 million in the value of his Yahoo holdings today.

Microsoft CEO Steve Ballmer said in a statement May 3 that Yahoo had sought at least $37 a share, a price he was unwilling to pay. Yang wouldn't say today what price he would find acceptable for a bid.

Google Agreement

Yahoo is discussing a pact with Google Inc., which holds the largest share of the market for advertising on search engine results, two people familiar with the matter said today. An agreement could come as soon as this week, one said.

``We've always felt the Yahoo platform has been undervalued or underappreciated by the marketplace,'' Yang said. ``To the extent the marketplace wants us to do more to enhance the valuation, that's something we could do. Our most important goal is to make sure we have a long-term competitive position.''

To contact the reporter on this story: Crayton Harrison in Dallas at tharrison5@bloomberg.net.

Last Updated: May 5, 2008 19:34 EDT