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SAN FRANCISCO, Feb 11: Yahoo’s board of directors on Monday rejected Microsoft’s buyout offer, saying the $44.6bn bid is too low and not in the interest of shareholders of the veteran Internet company.
“After careful evaluation, the board believes that Microsoft’s proposal substantially undervalues Yahoo including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments,” Yahoo said in a statement.—AFP
