What if the Microsoft-Yahoo deal doesn't go through?

Just read this article, and while I don't really agree with most points here, the author does raise some good and interesting ones.

Microsoft wants Yahoo because it fears that Google is widening the gap between it and the two also-rans in multiple segments of the online universe. The danger is that, once combined, Microsoft will discover that the gap between Google and Yahoo is even greater than thought. A corollary hazard is this: Combining two lagging companies does not necessarily produce one dynamic competitor.

What do you guys think? I think the deal will go through. Yahoo is not showing very good growth and let's face it. It'll take years for their stock to hit the low-mid 30's again. Seriously.
If the deal fails, well Yahoo will go back down below 20.

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