Yahoo formally says ‘No’

Yahoo Inc on Monday rejected as too low Microsoft Corp’s unsolicited takeover offer, putting the ball back in the software giant’s court to pursue a deal. Yahoo said its board unanimously concluded the proposal was not in the best interests of its shareholders. The company said the offer “substantially undervalues” its “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 its board is evaluating all its strategic options.