Legg Mason's Bill Miller Comments on MSFT/YHOO, Says "Will Be Hard for YHOO To Come Up With Alternatives"
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Legg Mason Value Trust's Bill Miller commented on the Microsoft (Nasdaq: MSFT) Yahoo! (Nasdaq: YHOO) deal. Legg Mason Value Trust is Yahoo's second-largest shareholder, owning over 80 million shares.
The firm said they have met with Steve Ballmer, MSFT's CEO, and spoken with Jerry Yang, CEO of YHOO.
The firm said, "we think it will be hard for YHOO to come up with alternatives that deliver more value than MSFT will ultimately be willing to pay." The firm also said, "We think this deal is a strategic imperative for MSFT, and that YHOO is in a tough spot if it wishes to remain independent."
The firm said their valuation work puts the value of Yahoo around the $40 range. They think MSFT needs to enhance its offer if it wants to complete a deal.
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