After Hours, Yahoo Bid Happiness Continues
Late trading after the bell continues to nudge shares of Yahoo upward, after a dramatic day initiated by Microsoft’s disclosure of a $44.6 billion bid to acquire the Internet company.
Oy. My first reaction: "That's a lot to pay for Flickr."
-- Mini-Microsoft tosses off the line of the day. +1
Just when you thought it was safe to come back to the WebProNews homepage…BWAHAHAHA, another Yahoo story. C’mon, indulge us. This is a pretty big deal.
There’s quite a bit of good stuff being said by thoughtful types who have taken some time to measure their thoughts and pour them into a blog post. Paul Kedrosky said if Yahoo CEO Jerry Yang wants to tell Ballmer and company to get stuffed, Yahoo had better "immediately cut a deal with Google to outsource Yahoo’s floundering search platform."
"Ironic, huh? Yahoo needs Google to save it from Microsoft to save it from Google," he said.
Kara Swisher at All Things D sniffed out a little tidbit about this morning’s announcement by Microsoft. It seems Microsoft made their proposal after Yahoo’s earnings announcement on January 29th, with the caveat that they would publicize the offer in two days if there was no response.
We know what happened next. Now, Swisher has related this conversation with a Yahoo source:
"I woke up this morning and couldn’t believe that they did it," said one exec. "They had made a lot of overtures, but this was astonishing. I could not believe Microsoft would be so aggressive."
Memo to any Internet company out there: if you have an executive who doesn’t expect Microsoft to act aggressively, fire that person on the spot. You cannot swing a dead router by its power cord in a room full of sysadmins without hitting someone who views Microsoft with suspicion.
Yahoo responded to the kerfuffle by stating they would "evaluate this proposal carefully and promptly." We decided to ask Google for their opinion, knowing they customarily don’t comment on competitors.
A brief response from a Google spokesperson arrived later in the day: "It would be premature for us to comment at this time." That’s cool, but we’ve always heard it was older companies that suffered from premature commentary, not younger ones. Maybe there’s a prescription for that.
We mentioned Yahoo’s after hours activity earlier. We’re not going to speculate if this involves Jerry Yang sitting in his office pounding shots of Cabo Wabo and wondering what the hell to do next.
During the trading day, shares of Yahoo shot upward by nearly 48 percent, hitting a close of $28.35. After hours trading has them gaining another 11 cents on top of that at 6:48 pm ET.
I’ve had fun writing about this all day long, but it’s time to chill out and think good thoughts about the Giants chances on Sunday. If I see anything purple again tonight, and it’s not a Prince CD, words will be exchanged.