eagle wrote:
....and what if they all want the cash and what if they all walk away?
If they all walk away, then Microsoft doesn't get the percentage they need to do a takeover. If they don't sell up, Microsoft won't give them the 60-something percent premium though either.
If the board recommends to their shareholders that they should sell to Microsoft, then the big shareholders of Yahoo will sell up, and Microsoft will gain control. If they choose not to, then Microsoft can go ahead and buy the shares anyway, and when they reach the golden number, take over the business anyway (a hostile takeover), or more likely, they'll go away for another year.