Unshaken by a two-year losing streak, Yahoo Inc. is poised to take its biggest gamble yet by rejecting Microsoft Corp.’s unsolicited bid to buy the slumping Internet icon for $44.6 billion.Yahoo’s board decided to spurn the takeover bid, originally valued at $31 per share, after concluding the Sunnyvale-based company is worth substantially more, a person familiar with the situation said Saturday. The person didn’t want to be identified because the reasons for Yahoo’s snub won’t be officially spelled out until Monday morning.
(Msnbc.com is a joint venture of Microsoft and NBC Universal.)
With the rebuff, Yahoo is betting that it can placate its exasperated shareholders by either extracting a higher bid from Microsoft or finally engineering a long-promised turnaround that will boost its market value beyond $45 billion.
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