No. 4 -- Yahoo! Snubs Microsoft

Yahoo's board said it had its shareholders' best interest in mind when it rejected a $31 a share takeover offer from Microsoft ( MSFT).

It's three years later, the stock is worth less than half the $31 offer price, and the company is exploring its options.

The Yahoo! board has taken heat for its missteps, but there has still been no acknowledgement of how boneheaded the Microsoft rejection strategy proved to be.

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