Bill Miller's wishful thinking
The Legg Mason mutual fund manager rallied to the defense of embattled Yahoo (NASDAQ:YHOO) this week after Microsoft (MSFT) threatened to lower its $42 billion unsolicited bid. Miller, whose fund was the second-biggest holder of Yahoo at year-end, told The Wall Street Journal he believes Microsoft is making a mistake by taking an aggressive posture after a two-month-long standoff with Yahoo's board.
"If Microsoft raises the offer, the pressure shifts very quickly to Yahoo to negotiate," he said in an interview published Wednesday. But "if Microsoft lowers the price I'm not prepared to say that's better than Yahoo remaining independent."
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