Yahoo To Microsoft "No No No"
Yahoo Inc., has formally rejected Microsoft Corp. $45 billion unsolicited take over bid, the Yahoo! Board of Directors said Monday that the offer is not in the best interest of shareholders.
After 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, said the statement.
Microsoft offered $31 a share for the firm in a cash and stock bid on Feb. 1 - a 62% premium from the previous day closing price for Yahoo.
The Times of London today reports Yahoo! wants to restart merger talks with AOL as a way of creating another alternative to a forced merger with Microsoft.
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