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"As expected, Yahoo has officially rejected Microsoft\u2019s $44.6 billion bid to acquire the company.  In a brief press release issued this morning, Yahoo writes\n\u201CAfter careful evaluation, the Board believes that Microsoft's proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments. The Board of Directors is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders.\u201D\nSo, essentially Yahoo wants more money.  But, let\u2019s not forget that the public markets \u201Csubstantially undervalued\u201D Yahoo quite a bit more than Microsoft \u2013 shares were trading sub-$20 prior to the Microsoft bid (they are hovering around $29/share this morning).  \nAs others have noted, this feels mostly like a negotiating tactic by Yahoo.  They\u2019ve bought more time to consider less likely alternatives such as a Google partnership or AOL merger, but in the end, it\u2019s looking increasingly unlikely that there is another bidder that\u2019s going to better Microsoft\u2019s offer - other than Microsoft of course."^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2008/02/11/yahoo-rejects-microsoft-offer/>