Yahoo spurns advances, rejects Microsoft’s takeover bid
A report from the Wall Street Journal says that Yahoo has denied Microsoft’s $44.6 billion bid to buy the company which operates the most frequented site/portal on the internet today. Yahoo’s Board of Directors has determined that the $31 per share price that Microsoft offered “massively undervalues” the company. Yahoo’s board seems to be looking for a bid no less than $40 per share, which would bump Microsoft’s offer up an additional $12 million. Yahoo, over the last week since Microsoft’s offer, has considered a partnership with the giant of this fine series of tubes, Google.
Personally, I think Microsoft is trying to take advantage of the fact that Yahoo has recently slipped, by lowballing (relatively) them. However, Microsoft’s bid in the first place shows how low they stand in the web game, and the extra $12 billion they might have to pony up may not be too bad for them. Honestly, I think this is smart on Yahoo’s part, seeing as how a Microsoft takeover would take quite a while to get approved, and wouldn’t help either company all too much.
Stay tuned for more, as it happens.
Read [WSJ]
Full Story » | Written by Indraneel Purohit for Gadgetell. | Comment on this Article »
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