Silicon Alley Insider reacts to Wall Street Analyst Mark Mahaney’s note that he anticipates Microsoft will raise its bid for Yahoo from $31 to $34 dollars per share. Barring an 11th hour alternative for Yahoo this should move toward Yahoo’s public position that the original Microsoft bid undervalued the company. It also should please Yahoo’s institutional shareholders and put more pressure on Yahoo management to negotiate in earnest with Microsoft — if it happens.

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