未来几周我们将听到很多关于雅虎（Yahoo）的消息。但我们听到最多的可能是杨致远是否会公平地对待股东？是否会公平地对待他的公司？

    根据多家媒体报道，目前雅虎已收到两宗要约，拟收购其20%股权。一宗来自私募机构银湖资本（Silver Lake Partners），与之联手收购的是微软（Microsoft）和安德森-霍洛维茨基金（Andreessen Horowitz）。另一宗来自私募基金公司TPG Capital，与之联手收购的可能是风投公司Greylock Partners。两宗要约出价都比消息公布前的雅虎股票市价溢价不到10%，而且交易包括出售雅虎亚洲的重大资产（即阿里巴巴和雅虎日本的大笔股权）。

    另有报道称，贝恩资本（Bain Capital）和百仕通集团（Blackstone Group）正准备以250亿美元全盘接手雅虎，与之联手收购的是阿里巴巴和软银（Softbank，雅虎日本的共同拥有人）。如果消息准确，该收购价溢价幅度将超过25%。

    前两宗收购能让杨致远和共同创始人大卫•费罗保住股权，而且杨致远还能够保住董事会的席位（和大多数他亲自挑选的董事）。第三宗收购则可能不会出现这样的局面。

    We are going to learn a lot about Yahoo over the next couple of weeks. But, perhaps more than anything else, we're going to learn if Jerry Yang is willing to do right by his shareholders. And by his company.

    According to multiple reports, Yahoo (YHOO) currently has two offers on the table for a 20% stake in the business. One comes from Silver Lake Partners, in partnership with Microsoft and Andreessen Horowitz. The other comes from TPG Capital, potentially in partnership with Greylock Partners. Each deal offers less than a 10% premium to where Yahoo shares were trading before the bids were announced, and would include sales of its major Asian assets (large stakes in Alibaba and Yahoo Japan).

    There also are reports that Bain Capital and The Blackstone Group are prepping a $25 billion takeover offer for the entire company, in partnership with Alibaba and Softbank (which is co-owner of Yahoo Japan). If accurate, that would represent more than a 25% premium.

    The former deal would let Yang and fellow co-founder David Filo retain their equity stakes, and Yang would get to keep his board seat (and most of his hand-picked directors). The latter deal likely would not.