"They tried to make me go to Redmond, I said, No! No! No!"
The WSJ is reporting that the Yahoo Board of Directors plans to reject Microsoft unsolicited $44.6 billion offer:
"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 that might be overturned by regulators. The board plans to send a letter to Microsoft Monday, spelling out its position.
Yahoo’s board believes that Microsoft’s is trying to take advantage of the recent weakness in the company’s share price to "steal" the company. The decision to reject the offer signals that Yahoo’s board is digging in its heels for what could be a long takeover battle. The company is unlikely to consider any offer below $40 per share, the person said…
Yahoo has taken "poison pill" provisions to prevent an unwanted takeover. Microsoft would likely have to oust the board in order to overturn them."
And this isn’t even the news I was referring to yesterday . . .
Yahoo Board to Reject Microsoft Bid
WSJ, February 9, 2008 5:20 p.m.