Yahoo! Formally Rejects Microsoft Offer
February 11, 2008 at 9:19 AM (PT)
YAHOO INC. spurned MICROSOFT’s $44.6 billion takeover bid as inadequate MONDAY, betting that it can elicit a higher offer from the world’s largest software maker or find another way to deliver a comparable payoff to its shareholders.
The rebuff by the slumping Internet pioneer had been widely anticipated after word of YAHOO’s intention was leaked during the weekend.
In its formal response, YAHOO said its board had concluded MICROSOFT’s unsolicited offer "substantially undervalues" the SUNNYVALE-based company.