Microsoft-Yahoo: The Lingering Saga
How quickly things change. Just two months ago, Microsoft (MSFT) seemed desperate to gobble up Yahoo! (YHOO) whole, offering to buy the entire Internet company for $33 a share, or a total of $47.5 billion. Not enough, Yahoo Chief Executive Jerry Yang said back in early May (BusinessWeek.com, 5/3/08). Since then, intense shareholder pressure has led Yang and Yahoo's board to make stronger overtures toward Microsoft for a deal. The company approached Microsoft a few weeks later about resuming negotiations, going so far as to say that the company would be willing to sell itself for something close to what Microsoft had offered, sources say. This time, though, it was Microsoft CEO Steve Ballmer who walked away.
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