Microsoft (MSFT) and Yahoo (YHOO) execs had their second meeting, the WSJ says, and made no progress. Yahoo is insisting that Microsoft raise its bid before the companies enter formal negotiations, Microsoft is refusing to budge:
The meeting, which took place near Yahoo headquarters in Sunnyvale, Calif., was the second between top executives from the two companies in recent weeks. Neither meeting included bankers.
The Microsoft executives showed no willingness to raise their cash-and-stock offer, and the Yahoo camp continued to refuse to enter formal negotiations without a sweetened bid, people familiar with the matter say.
Both positions are understandable, but time is working against both companies. One imagines that this standoff could quickly be ended by the companies’ $300 million investment bankers: A quick phone call and a verbal agreement that, if Yahoo comes to the table, Microsoft will likely raise its bid at the 11th hour (as we still expect it will) should suffice.
Meanwhile… Yahoo, when are you going to schedule that shareholder meeting?
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