If you haven't been following the latest on the Yahoo front, the company's stock price has plummeted (it's at $21.61 right now, way down from its $29 share price back in February); executives are getting out of town as quickly as possible as a reorganization gets underway; Carl Icahn is exerting unbelievable pressure on Yang; and shareholder confidence in Yahoo is dropping by the minute.
In order to save Yahoo and maybe walk away with some cash himself, Yang has no other choice but to strike a deal with Microsoft and walk away from this albatross.
To make matters worse, Microsoft will never offer $33 per share like it once did. And why would it? Yahoo needs Microsoft more than Microsoft needs Yahoo, and with a stock price that can't even hit $22, why should we expect an offer that's much higher.
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