Yahoo Likely to Reject Microsoft Bid
Yahoo Likely to Reject Microsoft Bid
by , 7:55 AM EST, February 11th, 2008
Internet search company Yahoo will likely reject Microsoft's unsolicited buy out offer on Monday. Yahoo's rejection could see Microsoft sweetening its offer, or it could lead to a hostile takeover attempt, according to The Wall Street Journal.
Sources close to the matter claimed that Yahoo's board felt that Microsoft's US$44.6 billion buyout offer undervalued the company. Apparently, the company's board held a special meeting last Friday to discuss Microsoft's offer.
While a hostile takeover attempt is possible, Microsoft may be reluctant to pursue that avenue since it could cause key employees to leave. Microsoft is more likely to bump its offer up above its current $31 a share price point, but Yahoo is looking for at least $40 a share -- a number Microsoft may not be willing to meet because it would add an additional $12 billion to the deal.
Yahoo is expected to notify Microsoft of its decision by letter sometime on Monday.
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