Yahoo's Q1 Results: Where's the New Value?

Those of us who waited anxiously to see if Yahoo would reveal extraordinary shifts in its performance trajectory, we must be disappointed for sure. As Reuters reported:

Despite beating expectations of earnings before special items, the results did not immediately convince the market that Microsoft's unsolicited $43 billion offer undervalues the beleaguered Internet company.

For several weeks, Yahoo has been claiming both directly (through Press Releases) and indirectly (pursuing possible corporate combinations with AOL or exploring business relationships with Google) that Microsoft's generous offer in the vicinity of $41 Billion is somehow low.
--
Now that Google and Yahoo have both released their Q1 results, we know that there is no new information that alters the parameters of Microsoft's offer. If anything, I may be tempted to revise the offer downward due to the inordinate delay-tactics exhibited by Yahoo board. I am not sure what Microsoft may do short of taking the fight to the shareholders and gain control of the Board.

Yahoo's results today vindicate Microsoft's offer (very generous, as I said before!). It's time for both companies to put animosity behind and work towards creating a credible advertising platform to compete against Google. Even a delay of few months can prove costly for both companies.