The blogosphere already jumped all over Yahoo’s expected rejection of Microsoft’s takeover bid. Yahoo formally filed a rejection letter with the SEC today. The letter reads:
“After careful evaluation, the Board believes that Microsoft’s proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments.”
Yahoo is believed to want an offer of at least $56 billion, or close to $40 a share. Some analysts expect Microsoft to up the ante to $5-12 billion — or, they could take an offer right to the Yahoo shareholders.
Filed under: Acquisitions, Microsoft, Yahoo
