I was expecting an announcement around the earnings of Microsoft and Yahoo. While there was no announcement, there was news that a Yahoo board meeting to consider the deal would take place.
The timing of the board meeting is significant, hours after the Microsoft earnings call. Seems that the bad numbers pushed both back to the negotiating table.
Even though some members of the Yahoo board are not in favor of the deal, the deal for all practical purposes is a done deal unless something really blows up at the last steps.
While we have Carl Icahn pushing Carol for a deal, this time around both the boards will be a bit more pragmatic when it comes to valuations.
While the deal is being discussed it would be interesting to see if Microsoft and Yahoo face in regulatory hurdles on the way.