Try something like this:
Code:
Option Explicit
Private Sub Command1_Click()
Dim sHtmlText As String
Dim iPos As Integer
Dim sSelectedValue As String
Dim iStart As Integer
Dim iEnd As Integer
sHtmlText = "<OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION selected value=B0>B0</OPTION>"
'sHtmlText = "<OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=B0>B0</OPTION> <OPTION value=""></OPTION> <OPTION selected value=C1>C1</OPTION>"
'sHtmlText = "<OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=""></OPTION> <OPTION value=B0>B0</OPTION> <OPTION value=""></OPTION> <OPTION value=C1>C1</OPTION> <OPTION selected value=*>*</OPTION>how"
iPos = InStr(1, sHtmlText, "OPTION selected value=")
If iPos > 0 Then
sSelectedValue = VBA.Mid$(sHtmlText, iPos + Len("OPTION selected value="))
iStart = InStr(1, sSelectedValue, ">")
iEnd = InStr(1, sSelectedValue, "<")
sSelectedValue = VBA.Mid$(sSelectedValue, iStart + 1, iEnd - iStart - 1)
Debug.Print sSelectedValue
End If
End Sub