Yahoo Board Rejects Microsoft’s Takeover Offer
$44.6B Bid ‘Substantially Undervalues’ Company, Yahoo Said
By B&C Staff -- Broadcasting & Cable, 2/11/2008 5:45:00 AM
Yahoo turned down Microsoft’s $44.6 billion takeover offer Monday, saying that it was inadequate.
The struggling Internet hub did not give word on how it would match for its shareholders the payoff they would have gotten had Yahoo accepted the unsolicited bid.
Yahoo said its board decided that Microsoft’s offer “substantially undervalues” the company. That offer, made Feb. 1, was 62% higher than Yahoo’s market value at the time. In the three months preceding the software maker’s bid, Yahoo’s stock price dropped by more than 40% to $31 per share.
Yahoo’s board will likely either try to get a better bid from Microsoft or make good on its promise to turn around the company itself. Redmond, Wash.-based Microsoft could also take its current bid directly to the shareholders of Sunnyvale, Calif.-based Yahoo.
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