WASHINGTON: Aging online giant, Yahoo has said no to a 44.6 billion dollar buyout from Microsoft claiming the offer "massively undervalues" the organization.
According to the Wall Street Journal, Yahoo's board believes, Microsoft's is trying to take advantage of the recent weakness in the company's share price to 'steal' the company.
Earlier, Yahoo chief executive Jerry Yang sent a message to employees, assuring them the firm's leaders are exploring ways to avoid a Microsoft takeover.
If the merger goes ahead, the resulting company will have control of nearly 40% of the lucrative Web Search market.
Such a move would give stiff competition to Google, which condemns Microsoft's bid as an attack on the Internet's underlying principles of openness, and innovation.
Monday 11 February 2008
Microsoft bid for Yahoo worth $ 44.6 bln rejected
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