Clock Ticking for Yahoo's Board of Directors

This weekend, Microsoft set a 3-week deadline for Yahoo! to respond to their buyout offer. In a letter to Yahoo's board Saturday, they warned that if a deal wasn't reached by April 26, Microsoft would launch a hostile takeover at a less attractive price.
CEO Steve Ballmer states "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." He went on to state that "if we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal," he wrote.
Tick tock...tick tock...should be interesting to see the response!