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Steve Ballmer Jump-Starts Microsoft/Yahoo Chatter
Sam Gustin writes: Micro-here-we-go-again.
Update: Aaaaannd here's the formal Microsoft statement backtracking from Ballmer's comments:
"Our position hasn't changed. Microsoft has no interest in acquiring Yahoo!; there are no discussions between the companies."
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Microsoft chieftain Steve Ballmer said this morning that a Redmond takeover of Yahoo would still "make sense economically" for shareholders of both companies, causing Yahoo's stock price to jump as high as 12 percent to over $13 per share, after opening the day under $12.
Was it an off-the-cuff comment? Or a not-so-subtle signal to come back to the negotiating table? Only Ballmer knows for sure. One thing is certain: battered Yahoo shareholders have been waiting for this.
In a deft bit of public negotiation, Ballmer added that Yahoo "probably thinks it's still worth as least as much today" as it was when Microsoft made its final offer of $33 per share. He said the two companies have not formally restarted talks.
This comment, of course, should put Yahoo's board and executives on notice that Ballmer doesn't think the company is worth that (if he ever really did.) They should forget about seeing a renewed bid anywhere north of $30.
So what now? Will Ballmer let Yahoo continue to twist in the wind, or will he come in with a new, reduced offer, of say, $23 per share?
He may want to wait for Yahoo to report earnings next Tuesday before he makes his next move. Memo to Jerry Yang and Carl Icahn: you guys may want to huddle and decide what price you'd be willing to accept before then.
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