Microhoo: We Don't Need No Stinking Deadline

Wednesday was the first day of Yahoo! Inc.'s (NASDAQ:YHOO) road back to respect, CEO Carol Bartz promised before an audience of analysts. But a key part of the executive's transformation of the struggling Internet company that was supposed to be consummated Tuesday is going to take a bit longer than expected.

Yahoo! in a Securities and Exchange Commission filing Wednesday said it has indefinitely delayed signing a definitive agreement for its advertising and search pact with Microsoft Corp. (NASDAQ:MSFT). In the binding agreement signed by the companies July 29, the deal had been set to be signed on Tuesday.

"Given the complex nature of the transaction, there remain some details to be finalized," the filing read. "The parties are working diligently on finalizing the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible."

We're guessing that the companies might need more time to cater to regulators who are scrutinizing the pact. If this were an M&A transaction, removing a deadline like this just because things were a bit more complicated than expected would certainly raise eyebrows and be a cause for concern. We understand this is a different kind of deal, but shouldn't the armies of lawyers working on the pact have realized the amount of time this would take from the outset? - Olaf de Senerpont Domis