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Yahoo poised to reject Microsoft bid

Yahoo intends to reject Microsofs unsolicited bid for the internet company, according to a person close to the situation.

Yahoo’s board held its first formal meeting on Friday to discuss the February 1 offer, which is currently valued at $41.5bn. It has decided the $31 a share on the table massively undervalues the company, this person said.  It is understood Yahoo would be unlikely to give serious consideration to an offer of less than $40 a share. Shares in Yahoo closed on Friday at $29.20.

read the rest published by FT here:

http://www.ft.com/cms/s/0/97445d92-d74c-11dc-b09c-0000779fd2ac.html