Last week Microsoft sent a reminder letter to Yahoo! Board of Directors about their $44.6bn offer to acquire Yahoo!. In repose to that letter, Yahoo!'s CEO, Jerry Yang replied back today with the same argument which they made previously that the offer substantially undervalues Yahoo!.
This letter is published by WSJ at:
http://online.wsj.com/public/resources/documents/yahoo_0407.pdf
As a conclusion Yahoo! mentioned that
"In conclusion, please allow us to restate our position, so there can be no confusion. We are open to all alternatives that maximize stockholder value. To be clear, this includes a transaction with Microsoft if it represents a price that fully recognizes the value of Yahoo! on a standalone basis and to Microsoft, is superior to our other alternatives, and provides certainty of value and certainty of closing. Lastly, we are steadfast in our commitment to choosing a path that maximizes stockholder value and we will not allow you or anyone else to acquire the company for anything less than its full value."
It seems that Yahoo! has not rejected the offer. Yahoo! is ready for the deal. However Microsoft has to come up with revised offer. Hopes are still there for Microsoft.
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