Yahoo Rejects Microsoft’s Bid

yahoo.jpgIt looks as if Yahoo! has rejected Microsoft’s previous offer to acquire the former king ofmicro.jpg cyberspace for approximately $45 billion. Microsoft was hoping to acquire the company in a vain attempt at catching up to Google, but it looks as if Yahoo! has decided to play Russian Roulette in a desperate attempt maintaining its independence (as well as its pride).

(Wall Street Journal) After a series of meetings over the past week, Yahoo’s board determined that the $31 per share offer “massively undervalues” Yahoo, the person said. It also doesn’t account for the risks Yahoo would be taking by entering into an agreement that might be overturned by regulators. The board plans to send a letter to Microsoft on Monday, spelling out its position. Yahoo’s board believes that Microsoft’s is trying to take advantage of the recent weakness in the company’s share price to “steal” the company. The decision to reject the offer signals that Yahoo’s board is digging in its heels for what could be a long takeover battle. The company is unlikely to consider any offer below $40 per share, the person said.

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