In corporate press-release wars like this, it is imperative to read between the lines. More important that what Yahoo (YHOO) said in its Microsoft (MSFT) response this morning was what it did NOT say. To wit:
* Our shareholders support us, not you.
* We had a strong first quarter.
THE WORDING IN THE LETTERS SUGGESTS YAHOO's INSTITUTIONAL SHAREHOLDERS MAY SUPPORT MICROSOFT, NOT YAHOO.
In Microsoft's letter on Saturday, it said the following:
By any fair measure, the large premium we offered in January is even more significant today. We believe that the majority of your shareholders share this assessment, even after reviewing your public disclosures relating to your future prospects.