On April 5, Microsoft informed Yahoo’s board that it would take its bid hostile if a deal was not sealed in three weeks’ time.
So here we are, three weeks later, and there’s still no agreement. Microsoft hasn’t gone hostile — yet. Its stock has continued to drift, which could make the acquisition more expensive; and Yahoo has given no indication that it’s warming up to a deal.
Microsoft, on the other hand, has dropped several not-so-subtle hints that it could walk away from Yahoo entirely — yesterday CFO Chris Liddell said in an internal interview that it was a distinct possibility. And on the company’s earnings call on Thursday, Liddell said speed was of the essence but the process has been “anything but speedy.”
Then again, it’s not even noon in California, so Microsoft still has plenty of time to attack.