When last we checked on them, three weeks ago here, Yahoo had just given its president a whopping $1.1 million bonus. Not Jerry Yang's brightest idea.
A few days earlier, I reported here that Yahoo had postponed announcing its annual meeting. Sort of like when you dilly-dallied on the walk home from school to avoid showing your parents that report card with the D.
Yesterday's Wall Street Journal (WSJ) reported that the date of the shareholders' meeting still hasn't been announced, which means that the deadline for nominating a new slate of directors hasn't been set. But the same article also stated that Microsoft has no immediate intentions of nominating a new slate of directors.
Yahoo formally rejected Microsoft's unsolicited offer on Feb. 10, saying it "substantially undervalues" the Internet company. Though Microsoft's cash-and- stock bid was initially worth nearly $45 billion, a decline in Microsoft's shares has lowered the offer's value to about $42 billion, or $29.25 a share. Yahoo shares closed at $28.93 in 4 p.m. trading on the Nasdaq market on Monday.
People close to Yahoo have suggested that a $40 a share offer would be acceptable, but many in the market are counting on an offer in the mid-$30 range.
Despite market hopes, Microsoft says it will not sweeten its offer. Their strategists believe time is on their side.
Stay tuned . . .