Updated from 3:33 p.m. EST
SAN FRANCISCO - Yahoo!'s(YHOO Quote) rejection of Microsoft's(MSFT Quote) offer could just be a lesson in Negotiation 101, but look for the Internet search veteran to take more evasive actions.
The rejection letter from Yahoo! on Monday is a typical first step in a well-tread mating ritual, much like BEA Systems'(BEAS Quote) rejection of Oracle's(ORCL Quote) public takeover offer in October, which was later accepted at a higher price.
Yahoo's board has set the stage for further negotiations by suggesting a price of $40 a share, according to the Wall Street Journal, capping an ultimate settlement in a range starting at Microsoft's $31-a-share bid. The value of that half-cash/half-stock offer has already fallen due to the drop in Microsoft's share price since the bid was announced Feb. 1. ...
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