Matthew Karnitschnig reporting for The Wall Street Journal:
Yahoo’s board believes that Microsoft’s is trying to take advantage of the recent weakness in the company’s share price to “steal” the company. The decision to reject the offer signals that Yahoo’s board is digging in its heels for what could be a long takeover battle. The company is unlikely to consider any offer below $40 per share, the person said.
Let’s hope Yahoo doesn’t get burned by a possible shareholder revolt. It’s a really interesting move for Yahoo and I’m anxious to see what happens.