Yahoo board plans to turn down Microsoft bid - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Yahoo board plans to turn down Microsoft bid

Associated Press - February 9, 2008 1:45 PM ET

SAN FRANCISCO (AP) - Yahoo Inc.'s board plans to reject Microsoft Corp.'s bid to buy the Internet pioneer. The Wall Street Jornal is reporting on its Web site today that Yahoo board members concluded the unsolicited $44.6 billion offer massively undervalues the Web giant.

The $31 per share bid was made public on Feb. 1. Board members so far would only say they were studying the offer.

Yahoo's board intends to send a letter to Microsoft on Monday explaining its decision, persons close to the company said.

Microsoft and Yahoo representatives did not immediately return calls for comment.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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