Via Drudge Report, Breitbart recaps a Wall Street Journal article on Yahoo rejecting Microsoft’s bid:
Board members concluded the unsolicited offer massively undervalues the company, a person familiar with the situation told the newspaper.
Actually, it’s Yahoo that most undervalues Yahoo, if the way the company’s been run this decade has been any indication. The article continues:
The slumping Internet company’s rejection of the offer might mean Yahoo is getting ready for a long battle, analysts said.
Board members believe Microsoft is attempting to take advantage of a
recent slump in share price to take over. But they’re not ready to
consider any offer below $40 per share, according to a person
knowledgeable about the discussions.
Yahoo last topped $40 in January 2006, having stayed in that level for a couple months. Before that, it hadn’t hit the $40 range since October 2000.
For my thoughts on the proposed takeover, read the latest Search Insider column.