The Wall Street Journal was working late last night, as they posted a short but important business story at 2:29 a.m.
Yahoo Inc.’s board plans to reject Microsoft Corp.’s unsolicited $44.6 billion offer to acquire the Web giant, a person familiar with the situation says.
After a series of meetings over the past week, Yahoo’s board determined that the $31 per share offer “massively undervalues” Yahoo, the person said. It also doesn’t account for the risks Yahoo would be taking by entering into an agreement that might be overturned by regulators. The board plans to send a letter to Microsoft Monday, spelling out its position.
Somehow, I don’t see this as Yahoo trying to drive the price up, although that will likely be a next move for Microsoft. This sounds much more like “easy there, Mr.”