Yahoo rejects Microsoft’s bid

by admin February 11, 2008 at 6:50 pm

Yahoo on Monday announced that it is rejecting Microsoft’s multibillion-dollar buyout offer, saying that it undervalues the company.

The announcement had largely been expected, as reports emerged over the weekend such a decision had been made by Yahoo’s board of directors.

“Yahoo’s board of directors has carefully reviewed Microsoft’s unsolicited proposal with Yahoo’s management team, and financial and legal advisers, and has unanimously concluded that the proposal is not in the best interests of Yahoo and our stockholders,” the company said in a statement Monday.

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