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In deals like the potential Yahoo-Microsoft merger, "speed is of the essence," Microsoft CFO Chris Liddell said during yesterday's earnings call. But since Microsoft offered to buy Yahoo in February, this one "has been anything but speedy." Microsoft's options, Liddell told analysts on the line, are to bring the "offter to Yahoo's shareholders," "withdraw our offer," or "consider other investments." Liddel said raising its bid is not such an option:

The strongest argument I've heard as to why we should increase our bid — that we can afford to — is not one I favor.

Liddell said Microsoft will announce its decision next week.