05/03/2008 星期六MSFT withdraws YHOO bid

05/03/2008 星期六MSFT withdraws YHOO bid

昨天（星期五）YHOO跳空高开高走，成交量80.5M（日间78M/AH 2.5M），是近一个月日成交量的3-5倍。日线成跳高开盘带长上下影线的大阳线。日内一分钟图在前半个小时探低后拉回开盘价呈U型。横盘后在ET 2:30pm开始放量突破从$28拉升到$28.80，全天绝大多数成交量成交在突破后。盘后成交2.5M，涨$1.03至$29.70。消息面暗示收购价有可能加码（见附录）。

然而，周末出了一下消息说有可能降$8，一看图，知道$20是年低支撑线。可怜的跟风者和赌博者！Joseph Weisenthal是不用负责任地。

为啥周末出消息呢？周末是不影响股价的呀？是为周一超低空开盘酝酿气氛和心理准备吧？

周一可能来个超低空开盘，放巨量，收个小阳线，在底下要先盘一阵子了。

主力翻云覆雨啊！利用这种消息随便玩。

看图识字从来都不错。

这种并购其实华尔街的投资方影响巨大，甚至是始作俑者，价格的底牌早就理好了，频繁发这种消息不过是想在并购完成前在二级市场上多捞几票罢了。

Reuters
Microsoft withdraws offer for Yahoo
Saturday May 3, 9:33 pm ET
By Anupreeta Das

SAN FRANCISCO (Reuters) - Microsoft Corp (NasdaqGS: MSFT - News ) withdrew its offer for Yahoo Inc (NasdaqGS: YHOO - News ) on Saturday as negotiations fell through on price, even after the software giant raised its bid by about $5 billion to $47.5 billion.

Microsoft Chief Executive Steve Ballmer said his company increased its offer to $33 per share, from the $31 per share cash-and-stock bid that it initially made on January 31. But Yahoo was looking for $37 a share, Ballmer said.

"Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting our offer," Ballmer said in a statement.

"After careful consideration, we believe the economics demanded by Yahoo do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," said Ballmer.

Yahoo was not immediately available for comment.

Laura Martin, a senior analyst at Soleil Securities, said Yahoo was demanding too high a price and she expected its shares to fall $8 on Monday when trading resumes on the Nasdaq. The shares closed up nearly 7 percent at $28.67 on Friday on hopes of an agreement between Microsoft and Yahoo.

"The Yahoo guys want too much money for their company. We think $33 a share is fair in the context of the weakening economic environment and adverse advertising trends," Martin said, who has a "hold" rating on Yahoo shares.

"I think you'll see a number of shareholder lawsuits on Monday. They've prioritized employees over shareholders in the hopes that someday they can create more than $8 billion of value, even if they have no track record of doing so," she said.

Yahoo had previously refused to enter formal negotiations with Microsoft, saying the initial price it made public in February did not properly value Yahoo's search and display advertising technology, or its overseas holdings.

Yahoo has also courted a possible deal with Time Warner Inc's (NYSE: TWX - News ) AOL Internet division and a search advertising partnership with Google Inc (NasdaqGS: GOOG - News ).

In a letter to Yahoo Chief Executive Jerry Yang, Ballmer said he was concerned such plans would hurt Yahoo's own search and display advertising strategies, and impair its ability to retain talented engineers.

"We regard with particular concern your apparent planning to respond to a "hostile" bid by pursuing a new arrangement that would involve or lead to the outsourcing to Google of key paid Internet search terms offered by Yahoo today," he said.

"In our view, such an arrangement with the dominant search provider would make an acquisition of Yahoo undesirable to us," Ballmer said in his letter, made public on Saturday.

Microsoft wants to buy Yahoo to gain a stronger foothold in its battle with Web search leader Google, which is rapidly expanding into the software maker's own turf with new Web-based applications.

Yahoo's advisers had initially said it would not negotiate with Microsoft for anything less than $40 a share, a person familiar with Microsoft's thinking said. But amid threats by Microsoft to launch a hostile takeover, Yahoo CEO Jerry Yang suggested a price of $38 a share, the person said.

On Saturday, Yang and Yahoo co-founder David Filo met Ballmer and Microsoft's Platforms & Services Division President Kevin Johnson in Seattle, where they communicated that Yahoo's board was willing to cut a deal at $37 a share, although the two co-founders remained committed to a dollar more per share, the source said.

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paidContent.org
Updated: Microsoft And Yahoo In 'Last Ditch' Negotiations; Yahoo Shares Up; Microsoft Raises Bid
Friday May 2, 2:44 pm ET
By Joseph Weisenthal

Despite no word of "official" negotiations, it's clear that the two sides have been in negotiations of some sort for awhile, and now WSJ says Microsoft and Yahoo are in "last ditch" negotiations to reach a friendly deal. It's not hard to guess what they're negotiating about: price. And as the report would have it, there's no guarantee that the negotiations will result in anything. Unofficially, the two sides remain $3-$4 apart. Given Yahoo's refusal to accept the original offer, every path at Microsoft's (NasdaqGS: MSFT - News ) disposal has drawbacks. A raised bid reduces the economic justification for the deal, while a walk leaves Microsoft as a distant online player. And a hostile bid is messy with no guarantee of success. The real question is whether Yang and Ballmer can reach some agreement that allows both to save face, since a compromise would probably require both to go back on some previously made statement. Meanwhile, Yahoo investors are relieved: the stock is up nearly 7 percent in late-day trading.

Staci adds : As important as price is to making the deal stick, let's not forget another major piece of the puzzle: what actually happens to Yahoo post-merger? That has to be part of any serious discussion and reaching agreement on that also could help make nail things down. Does Yahoo become a wholly owned subsidiary of Microsoft managed only by existing Microsoft execs? Who from Yahoo gets seats on the board (not that it's really anything but symbolic) and a vice-chairman title or the like? Are Jerry Yang and David Filo supposed to take their money and go home or do they have any real role to play in a post-indie Yahoo?

Update : Microsoft had already signaled unofficially, that it was ready to raise its bid, and now it has apparently said that directly to Yahoo (NasdaqGS: YHOO - News ). NYT reports that it has raised its bid by "several dollars", although the exact amount is not known. The report adds that major Yahoo shareholders have been getting calls from the companies in an effort to figure out what price they're really looking for.