Steven A. Ballmer, Microsoft’s chief executive, told employees on Thursday that the company would announce in “short order” which of three paths it would choose in its pursuit of Yahoo. The options, Mr. Ballmer said in a meeting with employees, were completing a negotiated deal, pursuing a hostile takeover or walking away.
Yahoo has rejected Microsoft’s cash-and-stock offer, initially valued at $31 a share but currently worth about $29.48, saying it substantially undervalues the company. But Jerry Yang, Yahoo’s chief executive, has said his company is not opposed to selling to Microsoft for more.
In recent days, Mr. Ballmer has been trying to win the support of Yahoo shareholders by floating the possibility of raising Microsoft’s offer to as much as $33 a share, according to people briefed on the discussions. But some Yahoo shareholders, as well as its management and board, are holding out for more, these people said. “I know exactly what I think Yahoo is worth to me,” Mr. Ballmer told employees. “I won’t go a dime above, and I will go to what I think it’s worth if that gets the deal done.”
Mr. Ballmer is under pressure to decide quickly, in part because a deadline he imposed on Yahoo to reach a negotiated deal passed five days ago. Mr. Ballmer had threatened to start a proxy fight to oust Yahoo’s directors if the deadline was not met.
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