Microsoft is not planning to raise its multibillion-dollar offer for Yahoo, according to a report in The Wall Street Journal.
Citing sources close to the company, the Journal is reporting that Microsoft believes time is on its side. The original bid is looking better given the downturn in the economy and a falling stock market, the sources say.
“There’s no reason to bid against ourselves,” a source told the Journal.
The newspaper is also reporting that “other people familiar with Microsoft’s thinking say the company has no immediate plans to nominate a slate of directors to replace Yahoo’s current directors.” In early March, Yahoo extended the deadline to nominate opposition candidates to its board. The new deadline is 10 days after the company announces the date for its shareholders meeting; that date has not been set.
Two months ago, Microsoft made an unsolicited bid for Yahoo in a deal that was originally valued at $44.6 billion. (The value of the deal has since fallen.) CNET News.com’s Dawn Kawamoto reported that Yahoo and Microsoft held informal merger discussions a few weeks ago, citing a source familiar with the talks. That source also said at the time that Microsoft had set no deadline for itself for when to say enough is enough.
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