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Yahoo says no to Microsoft
11/02/2008 16:17 - (SA)
California - Yahoo Inc has formally rejected Microsoft Corp's $44.6bn takeover bid as inadequate. The response had been expected after Yahoo's intentions were leaked over the weekend.
Yahoo's rebuff raises the stakes in a battle involving two of the world's most prominent technology companies.
Many analysts expect Microsoft to raise its offer by $5bn to $12bn to entice Yahoo to sell. Yahoo is believed to want a bid of at least $56bn, or about $40 per share.
Microsoft's first offer, which was made public on February 1, was originally valued at $31 per share. Microsoft also could take its bid directly to Yahoo shareholders.
- AP
- AP
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