Yahoo’s board decided that Microsoft’s $44.6 billion hostile bid undervalues Yahoo, people involved in the discussions said.
Yahoo's
board is signaling shareholders that the company is worth more than
$31/share.
Meanwhile, the reality of the situation is that Yahoo's
shareholders have been taken on a wild ride for the past two years. If legal hurdles aren't substantial, I
expect Microsoft to make a tender offer. Yahoo's
shareholders can't help but to be on Microsoft's side.
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