Yahoo Board to Reject Microsoft Bid

[WSJ]

Yahoo Board to Reject Microsoft Bid

By Matthew Karnitschnig

Yahoo Inc.'s board plans to reject Microsoft Corp.'s unsolicited $44.6 billion offer to acquire the Web giant, a person familiar with the situation says.

After a series of meetings over the past week, Yahoo's board determined that the $31 per share offer "massively undervalues" Yahoo, the person said. It also doesn't account for the risks Yahoo would be taking by entering into an agreement ...

http://online.wsj.com/article/SB120257515426256541.html?mod=hpp_us_whats_news

CNBC:

Yahoo Inc's board believes Microsoft's unsolicited bid of $44.6 billion to acquire Yahoo "massively undervalues" the company and directors are set to reject the offer, the Wall Street Journal reported Saturday, citing an unnamed source.

The $31 per share offer from Microsoft fails to take account of the risks that a merger between the world's largest software maker and Yahoo would be rejected by regulators, the paper reported, citing "a person familiar with the situation."
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http://www.cnbc.com/id/23083917