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Yahoo! set to reject Microsoft offer

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Breaking news from ihotdesk, the home of IT outsourcing in London:
Yahoo! is set to reject a $44.6 billion (£22.3 billion) buyout offer from Microsoft, according to new reports.

Category SME IT
13 February 2008
 
Yahoo! is set to reject a $44.6 billion (£22.3 billion) buyout offer from Microsoft, according to new reports.

The Wall Street Journal has claimed that the Yahoo! board believes the bid, which was put on the table on February 1st, "massively undervalues" the search engine giant's worth.

However, analysts note that before the bid was made the firm's stock was trading at less than $20 (£10) per share.

Yahoo! said in a statement: "The Yahoo! board of directors has carefully reviewed Microsoft's unsolicited proposal with Yahoo!'s management team and financial and legal advisors and has unanimously concluded that the proposal is not in the best interests of Yahoo! and our stockholders."

It continued that after "careful evaluation", the board believes that Microsoft's proposal "substantially undervalues Yahoo!" including its global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects.

Search engine rival, Google, has already voiced complains that Microsoft's purchase of Yahoo! could represent a monopoly in the IT market.

Goldman, Sachs and Co., Lehman Brothers and Moelis and Company are acting as financial advisors to Yahoo!.

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