“If we have not concluded an agreement within the next three weeks, we will be compelled to take our case directly to your shareholders, including the initiation of a proxy contest to elect an alternative slate of directors for the Yahoo! board.” - Microsoft’s Steve Ballmer on April 5, 2008 That three week deadline expired on Saturday. So what happens next? Citigroup’s Mark Mahaney says in an April 25 report there is a 45% chance of a merger at a price somewhat higher than the initial bid, a 40% chance that Microsoft will go hostile, a 10% chance that Microsoft walks away, and a 5% chance for deal at the original bid to be accepted. That means he thinks a deal in some ...