The hostile takeover game gives rise to lots of rumor and speculation. Trip Chowdhry of Global Equities Research has a very novel take on the bid. He argues that the Microsoft bid is but a ploy--a stupendously rich offer designed to thwart a possible deal between Amazon.com and Yahoo. He theorizes that Microsoft knows regulators will never allow the deal, an idea that few buy, and that Amazon.com can't possibly match it. Say what you will, this is the kind of stuff that the hostile bid game inspires. The stakes are certainly high, and Jerry Yang has reached his moment of truth.  

For more:
- here's the Marketwatch article [1]
- here's an article [2] from the New York Times about Yang