Marc Andreessen addressees that question today. Fascinating read:
We have seen extensive press coverage of Microsoft’s pursuit of Yahoo over the last few months, including notably excellent coverage from Silicon Alley Insider and the Wall Street Journal. However, I have not seen a detailed analysis of how a full hostile takeover might play out—the kind of analysis that you would be receiving if you were a Microsoft or Yahoo board member.
So I asked a pair of expert corporate attorneys—Michael Sullivan and Ed Deibert at Howard Rice Nemerovski Canady Falk and Rabkin in San Francisco—to work up such an analysis. What follows is their take blended with my commentary.