Sorry for the multiple posts today but I couldn't help but make a brief comment on this.  According to Search Engine Journal, Yahoo says...

we will sell the entire Company to Microsoft for $33 per share or more if Microsoft will negotiate a transaction that delivers certainty of value and certainty of closing.

First, let me say I doubt this is what they told Microsoft originally because Microsoft originally offered $31 a share and I can't see a deal this big collapsing for $2 a share.

That said, $31 was astronomical AT THE TIME!  Before Yahoo lost the great majority of their talent, before hundreds of executives jumped ship, before Yahoo's management instituted several technological and business related poison pills to prevent said merger.  NOW they want $33 a share?!?!?

Its a more than 48% premium on a stock price that's still being inflated by the possibility of a  merger with Microsoft.  It's a more than 73% premium on Yahoo's stock price right before the merger was offered. 

Get Real!

(For the record, a lot of sources apparently reported this before SEJ and usually I try to link to the first source.  But SEJ put the meat of the letter in their headline which is what caught my eye on Techmeme and which is why I linked to them)