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Michael Gartenberg just posted exactly what I was thinking on the Microsoft offer to buy Yahoo:
It should have been written
Dear Yahoo Shareholder:
How would you like to get Yahoo’s share price from six months ago back, tomorrow?
Of course the deal will take longer to playout, but it’s already been months since Jerry Yang‘s promise to shake up Yahoo! in his first 100 days as the re-installed CEO and all shareholders have seen is an orderly demise of the stock price. This may be the best exit possible for all involved. As for the longer term play of a combined Microsoft-Yahoo, well that’s harder to predict.