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Saturday, May 3, 2008

Microsoft Uping The Ante on Yahoo?

The New York Times is reporting that people close to the negotiations are saying that Microsoft and Yahoo! have been working for 2 days to get a deal done. Microsoft is apparently softening it's position on raising it's offer. “I know exactly what I think Yahoo is worth to me.” Steve Ballmer told Microsoft employees on Thursday adding, “I won’t go a dime above, and I will go to what I think it’s worth if that gets the deal done.” Microsoft's initial offer was $31 per share, the board of directors at Yahoo! is holding out for $37 but some Yahoo! stockholders have signaled that they would consider $35... the renewed talks seem to indicate that neither side wants a proxy war. You can read more here.

Update: Microsoft has withdrawn it's bid after upping the offer by $5 billion, only to have it turned down by Yahoo! More here.