Yahoo has issued a brief response to Microsoft’s comments from earlier today regarding a possible “alternative … but not an acquisition.” Here’s Yahoo’s statement:
“Yahoo! has confirmed with Microsoft that it is not interested in pursuing an acquisition of all of Yahoo! at this time. Yahoo! and its Board of Directors continue to consider a number of value maximizing strategic alternatives for Yahoo!, and we remain open to pursuing any transaction which is in the best interest of our stockholders. Yahoo!'s Board of Directors will evaluate each of our alternatives, including any Microsoft proposal, consistent with its fiduciary duties, with a focus on maximizing stockholder value."
The operative phrase in all of this is “at this time.” With Carl Icahn now in possession of 59 million shares of Yahoo and an alternative board up for nomination at Yahoo’s annual shareholder meeting, Microsoft is re-positioning itself to make another bid, quite possibly below their recently rejected $33/share offer.