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SAN FRANCISCO - Yahoo!(YHOO Quote) shouldn't hold out for too high a price, if institutional investors have anything to say about it.
The company is fending off a takeover bid from Microsoft(MSFT Quote), made Feb. 1.
But overlapping ownership of both stocks reduces fund managers' incentive for a deal at a higher price, according to Risk Metrics Group.
Bill Miller, portfolio manager at Legg Mason Capital Management, has publicly pushed for Microsoft to up its offer of $31 a share. Because Microsoft's share price has fallen since the offer, the half-cash/half stock deal is now valued at $29.01 a share. ...
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