Yahoo!(YHOO Quote) on Monday officially rejected Microsoft's(MSFT Quote) buyout offer, saying the proposal "substantially undervalues" the Internet-search company.
Yahoo! said its board has reviewed the unsolicited offer with its management team and financial and legal advisers, and unanimously concluded that the bid, valued at $44 billion at the time it went public, isn't in the best interest of shareholders.
"After careful evaluation, 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," Yahoo! said in a statement.
The company said its board is continually evaluating all of its strategic alternatives. ...
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