[andrewf]

Once the shareholders have sold the company off to Microsoft, if Yahoo falls apart, that's Microsoft's problem. It wouldn't hurt the people who had already sold Yahoo, so it's not a scenario that Yahoo's board should be considering.

(One caveat: the Microsoft offer is part cash, part stock. Since part of what Yahoo shareholders will receive is stock in the combined entity, I suppose that predicting a meltdown a year down the road means you're saying the offer is worth less than the current calculated value)