Yahoo! Resists Redmond’s Overtures

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.”

About David Burn

Co-founder and editor of AdPulp. I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. I worked for seven agencies in five states before launching my own practice in 2009. Today, I am head of brand strategy and creative at Bonehook in Portland, Oregon.