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NEW YORK Yahoo!’s board of directors has decided to spurn Microsoft’s $44.6 billion offer for the company.
In a letter released this morning, the board said the $31-per-share unsolicited offer “massively undervalues” the company. It said the decision was unanimous.
The decision sets up a drawn-out fight over Yahoo!’s future. Analysts expect Microsoft to raise its offer price, perhaps to as high as $35 per share. The company could also put more pressure on Yahoo! by making a tender offer directly to Yahoo! shareholders, the largest of which now includes hedge funds that typically seek quick exits.
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