Monday, February 11, 2008
Yahoo have rejected Microsoft 's $44.6 billion takeover bid as inadequate without explaining how its management will match the payoff that the slumping Internet icon's shareholders would have received had the unsolicited offer been accepted.
In its formal response, Yahoo said its board had concluded Microsoft 's unsolicited offer "substantially undervalues"..
Yahoo's stock price had dropped by more than 40 percent in the three months leading to Microsoft's bid, which was valued at $31 per share when it was announced Feb. 1. The offer represented was 62 percent above Yahoo's market value at the time.
By rejecting Microsoft, Yahoo's board appears to betting that it will be able to extract a higher offer from the world's largest software maker or its management team will finally be able to deliver on its repeated promises of a turnaround that has been in the works for the past 18 months.
By: DocMemory
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