Securities Law Prof Blog

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

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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