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Having spent a week mulling Microsoft’s unsolicited $44.6 billion takeover bid, Yahoo has formally declined the offer.
$44.6 billion values Yahoo at $31 per share. Since the bid was announced, Yahoo’s stock price leaped from under $20 to $29.20 as of market close on Friday, MarketingVOX reports.
Yahoo thought the price would not alleviate risks associated with entering an agreement that regulators might overturn. Ultimately, the board ruled that the offer “massively undervalues” the company.
According to a company source, Yahoo thinks Microsoft is trying to “steal” the company at a discount rate. Furthermore, it will not entertain offers to sell for less than $40 per share — a $12 billion increase on the original offer.
It is unlikely Microsoft will attempt to acquire Yahoo against the will of its board. But whether it agrees to tack $12 billion to its offer price remains to be seen.
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