One reason the rally in Yahoo (YHOO) shares has lost steam this morning is a post by New York Times reporter Andrew Ross Sorkin that contends it is unlikely a deal for the company will happen any time soon.
Here’s an excerpt:
“A deal is not happening anytime soon.
The trial balloon in the media is coming from a handful of bankers and investors who have tried to gin up interest in a deal for months. And at least a few of the named ‘suitors’ in The Journal�s story, like the Blackstone Group have already passed on the idea.
More importantly, Yahoo first heard about the rumors from the media and its own bankers at Goldman Sachs, according to people close to the company.”
Sorkin adds: “It�s possible that the emergence of the reports will prod a sale process along, at some point down the road. But for the moment, talk of a deal is still pie-in-the-sky.”
YHOO is up 75 cents, or 4.9%, to $16.
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