Wad
Joined: 08 Aug 2007
Posts: 1390
Location: Australia
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 Posted: Tue Feb 12, 2008 12:04 am Post subject: Yahoo formally rejects $45 billion Microsoft bid |
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More money please 
Yahoo have formally rejected a $45 billion unsolicited bid from Microsoft saying that the the offer is not in the best interest of its shareholders. Yahoo believe that Microsoft's proposal substantially undervalues the company and that they will evaluate all other strategic options.
quote:
The rejection was not a surprise and had been expected by investors since late last week. Some believe this is part of an effort by Yahoo to get a higher sales price from Microsoft. While the offer represented a large premium from the recent pre-offer price, it only represented the price level seen for Yahoo stock in November.
But getting a higher price from Microsoft would be easier for Yahoo if an alternative bidder had presented itself. While Google had voice criticism of the proposed deal, it's not clear that the Internet search leader would be able to make a bid for rival Yahoo. And no other company has been seen moving to make an alternative offer.
News Source: money.cnn.com
http://money.cnn.com/2008/02/11/technology/yahoo_microsoft/index.htm?postversion=2008021109
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