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| Version 0 | Version 1 |
|---|---|
| Yahoo rejects Microsoft approach | Yahoo rejects Microsoft approach |
| (10 minutes later) | |
| Yahoo has rejected a takeover bid from computer software giant Microsoft. | Yahoo has rejected a takeover bid from computer software giant Microsoft. |
| Yahoo said the $44.6bn (£22.9bn) offer "substantially undervalues" the company and is not in shareholders' interests. | Yahoo said the $44.6bn (£22.9bn) offer "substantially undervalues" the company and is not in shareholders' interests. |
| Microsoft's offer was worth $31 a share, 62% above the level at which Yahoo shares were trading when the offer was made on 1 February. | Microsoft's offer was worth $31 a share, 62% above the level at which Yahoo shares were trading when the offer was made on 1 February. |
| A merged Microsoft and Yahoo would be one of the world's biggest technology firms and would challenge the leading internet firm Google. | A merged Microsoft and Yahoo would be one of the world's biggest technology firms and would challenge the leading internet firm Google. |
| Strategic options | |
| Since the deal was announced Microsoft shares have fallen sharply. | |
| As half of Microsoft's offer is in cash and half in stock, that has reduced the value of the bid to $41.8b. | |
| "The Board of Directors is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders." Yahoo said in a statement. |