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A few well connected reporters said our prediction that Yahoo would make a decision on the Microsoft offer yesterday were off, and that Yahoo would take more time to make it’s move. But it seems that Yahoo did in fact make a decision yesterday. They will reject Microsoft’s offer. A flat and stubborn “No” should be coming on Monday.

Yahoo's Bold Whimper | TechCrunch

The buyer in any public-public merger generally sees a stock price hit - they’re offering a premium over what the market thinks the seller is worth, and the market takes that out of the buyer’s hide. But Microsoft lost nearly $40 billion in market cap in the eight trading days since they made their offer. That’s quite a penalty - and one Microsoft likely didn’t plan on dealing with.

Microsoft closed at $32.60 per share on January 31, hours before the Yahoo bid was placed. On Friday, the stock closed at $28.56, a decline of about 13% and the lowest it has been since 2006. That erased just under $38 billion in Microsoft shareholder value.

Microsoft's $80 billion (and growing) Yahoo Headache | TechCrunch

Michael Arrington(TechCrunch Founder, Co-Editor)が、

Whatever happens, this is great stuff. Yahoo is being bold. It may be a whimper, but it’s a bold whimper. And I’m damned excited to see what happens next.

Yahoo's Bold Whimper | TechCrunch