Yahoo Inc. formally rejected Microsoft Corp.'s unsolicited $44.6 billion offer, saying it "substantially undervalues" Yahoo but leaving the door open for further negotiations.
In a press release, Yahoo said its board is "continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders."
Yahoo's decision will test whether the software giant is willing to pay a lot more for the Internet company -- or risk a truly hostile takeover attempt.
In a press release, Yahoo said its board is "continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders."
Yahoo's decision will test whether the software giant is willing to pay a lot more for the Internet company -- or risk a truly hostile takeover attempt.
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