Interesting piece on Bloomberg about how either 1) some of their other properties aren't valued correctly, or 2) the core business operations of Yahoo have negative value. I'll suggest a third alternative, but I think 1 or 2 are also likely.
3) The combination of Yahoo with those other businesses lowers the value of Yahoo.
Value-additivity doesn't lie, so there's probably a combination of all three things at work here. It's a dissertation waiting to be written, I think.
