Yahoo formally says 8216;No8217;

Yahoo Inc on Monday rejected as too low Microsoft Corp8217;s unsolicited takeover offer, putting the ball back in the software giant8217;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 8220;substantially undervalues8221; its 8220;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 investments8221;. Yahoo said its board is evaluating all its strategic options.