It has been two months now since Microsoft offered to buy Yahoo.
MS chief executive Steve Ballmer is getting restive, as this letter to the Yahoo board of directors indicates.
He is giving them three more weeks to agree to his terms, or else.
Or else ... what? "we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board."
He also wrote that his proposal reflected a "substantial premium" over market price, because he had hoped for a friendly transaction. If there has to be a proxy shoot-out, that premium will come down.
That sounds like bluster to me. If he does take the matter directly to the Yahoo shareholders, he'd likely try to woo them by increasing the price. At his most miserly, he'll keep it where it is. Cutting the size of the offer he's already put on the table sounds like a losing tactic. Accordingly, it also sounds like an empty threat.
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