Battered Yahoo Admits It Overplayed Hand; Open To New Microsoft Talks

From SILICON ALLEY INSIDER: How’s this for a quick cave? Less than 48 hours after Microsoft (MSFT) pulled the plug on its Yahoo (YHOO) offer, Yahoo has already admitted publicly that it would have been willing to do a deal below $37. It has also already said that it would be happy to reopen talks with Microsoft.

Why the backtrack?

Because Yahoo employees and shareholders are dismayed by the collapse of the deal. Because, as Chairman Roy Bostock made clear in a WSJ article, $37 wasn’t a carefully calculated take-it-or-leave-it price–it was just a finger-in-the-wind opening gambit. Because Yahoo and Jerry are now getting blasted publicly by their largest shareholder, who happens to be one of the most respected institutional investors in the world.

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