Wall Street to Yahoo: STOP Fooling Around!
ADOTAS – Yahoo investors are coming down with a serious case of ants in their pants … a rarely fatal, but always egregious malady that often strikes during M&A’s and proxy fights.
Yahoo’s letter yesterday to Microsoft’s Steve Ballmer did little to calm their frayed nerves (in fact, it may have inflamed them further) and industry watchers say they now believe Microsoft won’t raise its offer, no matter what the company does. Even previously sympathetic investors are tired of Jerry Yang’s tactics, and are ready for Yahoo to give up the game, already.
MarketWatch reports that Charles Di Bona, a Bertstein analyst, told clients: “Yahoo management position is still that Microsoft’s bid is too low and undervalues the company. Investors are becoming increasingly skeptical and there appears to be growing concern that this view is both unrealistic and self-interested on the part of Yahoo’s management.”
Two months ago Di Bona said, “although Microsoft management say they will not increase their offer significantly, we think they will be prepared to negotiate to at least $35,” MarketWatch adds.
Yahoo’s attempts to find other suitors have all failed … if it continues to issue public missives and dither about on the sidelines, will it continue to watch the value of its deal plummet?
It seems Wall Street is saying, or rather shouting, “YES!”
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