A Bad Day For Jerry Yang?

I don’t think today is going to be a very good day for Jerry Yang.

Yahoo Inc. Chief Executive Jerry Yang has gotten what he wanted: a chance to prove his company is worth more than the $47.5 billion that Microsoft Corp. offered to buy the Internet pioneer.

It will be a daunting challenge, as Yang will be pointedly reminded Monday when investors are expected to show how little they think of Yahoo without a takeover bid on the table. Faced with resistance from Yang and the rest of Yahoo’s board, Microsoft withdrew its offer over the weekend.

Many analysts believe Yahoo’s stock price, which had climbed nearly 50 percent since Microsoft’s initial offer, will surrender most, if not all, of that gain, leaving the Sunnyvale-based company’s market value around $30 billion.

How do you justify rejecting an offer of $47.5 billion when just 24 hours later the company won’t be worth much more than $30 billion, if that? I wonder how many bottles of Tums he downs every day?

Before you know it, they’ll be selling everything down to the kitchen faucets.

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