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Monday, February 11, 2008
Yahoo to Reject Microsoft's Bid: report

Yahoo's board has decided to reject Microsoft's 44.6 billion dollar takeover bid, the AP reported citing a "top informed source"

The source confirmed an earlier Wall Street Journal report that Yahoo's management believes the Microsoft offer, which would bring together two top names in online computing, massively undervalues Yahoo.

The Journal said Yahoo's board also believes the Microsoft offer, at 31 dollars per share, does not account for risks facing Yahoo if it pursues a deal that might be ultimately blocked by government regulators.

"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 newspaper said on its website, citing an unnamed source.

"Yahoo's board appears to be betting that Microsoft doesn't want to 'go hostile' and try to acquire the company against the wishes of management and the board," it said.

On February 1 Microsoft unveiled its 44.6 billion dollar offer to take over Yahoo, in an effort to merge the world's biggest software company with a major Internet player to take on search and advertising juggernaut Google.

Google earlier condemned Microsoft's effort as an attack on the very independence of the Internet.

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