Yahoo’s board officially rejected Microsoft’s $44.6 billion bid, according to a Yahoo statement released today.
“After careful evaluation, the Board believes that Microsoft’s proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments,” the statement reads. The company’s board says it’s evaluating strategic options, and has retained Goldman, Sachs Co., Lehman Brothers, and Moelis Co. to act as financial advisors.
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