Three and a half years after its unsolicited takeover bid for Yahoo collapsed in shambles, Microsoft has edged back for a second look.
The software company’s revived interest in the fate of one of the internet’s best-known brands marks the beginning of what all sides expect will be an intense few weeks of negotiations, as Yahoo races to come up with a deal that will appease unhappy shareholders before a potential fight for boardroom control breaks out in the new year.
But the long history of disappointments for Yahoo shareholders – including the collapse of Microsoft’s earlier takeover bid at $33 a share, more than twice the current level – has left many investors and analysts doubtful about whether this will lead to anything more than a token gesture.