Yahoo Inc's board will reject Microsoft Corp's US$44.6 billion takeover bid after concluding the unsolicited offer undervalues the slumping Internet pioneer, a person familiar with the situation said.
The decision could provoke a showdown between two of the world's most prominent technology companies.
If the world's largest software maker wants Yahoo badly enough, Microsoft could try to override Yahoo's board by taking its offer -- originally valued at US$31 per share -- directly to the shareholders. Pursuing that risky route would probably require Microsoft to attempt to oust Yahoo's current 10-member board.
Alternatively, Microsoft could sweeten its bid. Many analysts believe Microsoft is prepared to offer as much as US$35 per share for Yahoo, which still boasts one of the Internet's largest audiences and most powerful advertising vehicles despite a prolonged slump that has hammered its stock.
Yahoo's board reached the decision after exploring a wide variety of alternatives during the past week, the person who spoke to the press said. The person did not want to be identified because the reasons for Yahoo's rebuff won't be spelled out until this morning.
Microsoft and Yahoo declined to comment on Saturday on the decision, first reported by the Wall Street Journal on its Web site.
Yahoo's board concluded Microsoft's offer is inadequate even though the company could not find any other potential bidders willing to offer a higher price.
By spurning Microsoft, Yahoo management risks further alienating its shareholders.
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