Yahoo Officially Rejects Microsoft Bid; Yang’s Mail; AOL Merger Not Likely

Yahoo’s (NSDQ: YHOO) Board of Directors has rejected Microsoft’s (NSDQ: MSFT) “unsolicited proposal”, concluding unanimously that the “proposal is not in the best interests of Yahoo! and our stockholders.” They believe the bid undervalues Yahoo. CEO Jerry Yang explained the board’s decision in an email to Yahoos, also filed with the SEC. We’ve posted the full text here. Read the full post on Paidcontent here.

There were reports of a possible merger with AOL (NYSE: TWX), but Rafat doesn’t believe it is likely: “According to some Time Warner execs I have spoken to recently, who are familiar with new CEO Jeff Bewkes