Yahoo has made it official, as had been expected. They have rejected the unsolicited bid from Microsoft. Yahoo said:
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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.
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The Yahoo statement seems to say that they are willing to listen to higher offers from Microsoft or someone else. No other company has yet made a firm offer to buy Yahoo.
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Yahoo rejects Microsoft's offer, saying it is undervalued - Feb. 11, 2008