From Silicon Alley Insider: Yahoo appropriately calls BS on Microsoft’s latest this morning. Specifically, it says it is perfectly willing to have Microsoft buy it. So if Microsoft is really serious again, why doesn’t it just go ahead and make an offer?
Yahoo!’s Board of Directors continues to stand ready to enter into negotiations with Microsoft Corporation for an acquisition of Yahoo!… Now Mr. Ballmer and Mr. Icahn have teamed up in an apparent effort to force Yahoo! into selling to Microsoft its Search business at a price to be determined in a future “negotiation” between Mr. Icahn’s directors and Microsoft’s management.
We feel very strongly that this would not lead to an outcome that would be in the best interests of Yahoo!’s stockholders. If Microsoft and Mr. Ballmer really want to purchase Yahoo!, we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it.
This is our problem with the new Icahn/Microsoft proposal, too. We like the fact that Microsoft is now explictly willing to entertain the possibility of buying the company again, but we already took that as a given. Now we want specifics. Namely, how much?
And if Microsoft is going to give those specifics to a new board, we’re rather they just gave them to us, so we can decide in advance whether we should fire the current crew. As we explain here, we’re not going to fire the current board just to have Microsoft say, “Our final offer is…$22 in cash.”