Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, February 11, 2008

Waiting for Microsoft's Next Moves

What will Microsoft do, now that the Yahoo board has formally rejected its $45 billion offer as "massively" undervaluing the company?  Likely next moves range from the aggressive, such as starting a proxy contest or a tender offer, to more conciliatory, like increasing its bid.  Its strategy likely includes meeting with Yahoo's large shareholders to enlist their support.  Since Microsoft's announcement, short-term oriented hedge funds have reportedly been buying Yahoo shares.  NYTimes, Yahoo Bidder Wants a More Aggressive Microsoft; WSJ, Yahoo's Rejection Pressures Microsoft To Mull a New Bid.

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