If you’re a Yahoo! shareholder today,
you’re in for a big surprise,
if you pick up the phone today,
prepare for a long weekend sigh,
for every Microsoft C-Level freak,
is going to invite you out for a drink,
for that’s they way that Microsoft
get’s to take Yahoo!
(to the tune of The Teddy Bears’ Picnic)

Three weeks ago, Microsoft CEO Steve Ballmer laid a 21-day deadline down in front of the Yahoo! Board of Directors. Tomorrow is the expiration date of that deadline. If Yahoo! doesn’t acquiesce to Microsoft’s acquisition bid, Ballmer has threatened to initiate a proxy fight for control of the Yahoo! Board.

There are a couple scenarios that could play out in the coming 24-hours.

The first is the most obvious. Microsoft goes headhunting in order to gain support for a Micro-hoo friendly slate of candidates to present at Yahoo!’s next annual general meeting in June. This is considered the most likely outcome, assuming Yahoo! continues to put-off Microsoft’s offer.

The second scenario is far less obvious and somewhat less likely. Microsoft walks away from the deal, leaving Yahoo! to continue the business of being second banana to Google. That outcome is possible but, after the three month effort and investment put in by Microsoft, unlikley.

Either way, I suspect this is just the opening of the second act of a much longer play. If Microsoft chooses to pursue a proxy fight, things will get nasty between Ballmer and Co. and Yang and Co. If, on the other hand, Microsoft elects to walk away, things will get nasty between Yahoo! shareholders and the Yahoo! Board.

This is going to be an interesting weekend for those (like me) who follow corporate fortunes like baseball box-scores. Sit back with some sandwiches and a few cold drinks, the temperature this weekend is going to get hot.