Microsoft CEO Steve Ballmer made the half-cash, half-stock offer in a brutal carrot-and-stick open letter to Yahoo!’s board of directors.The compete letter can be seen here. (interesting read).
The Redmond giant appears to laying the groundwork for a hostile takeover if it comes to that. Ballmer writes that the board spurned an earlier attempt at acquisition in early 2007:
This is an interesting development, lets wait and see how it develops.