Professor Michael Klausner is quoted in The New York Times commenting on Yahoo not having received competing acquisition offers:

Absent such an offer or a deal that could persuade investors that Yahoo shares will go up significantly, the company’s best bargaining chip was the prospect of a friendly deal at a higher price, said Michael Klausner, a Stanford Law School professor who specializes in corporate law and corporate governance.

“Microsoft would much prefer a friendly deal, because it wants to retain good relationships with Yahoo executives and retain employees,” he said.