Yahoo Is Said to Rebuff Microsoft Threat Over Bid

YAHOO IS SAID TO REBUFF MICROSOFT THREAT OVER BID
Yahoo is expected to respond early today to a letter from Microsoft that threatened to lower the price of its buyout offer and take it directly to Yahoo shareholders. Yahoo’s response is expected to reject negotiations and explain why Yahoo’s board believes the current offer price is too low. Although Microsoft’s offer was initially valued at $31 a share, a drop in the price of Microsoft shares has reduced the offer to just over $29 a share. Microsoft’s chief executive, Steven A. Ballmer, raised the pressure on Yahoo’s directors on Saturday in a letter warning that Microsoft would begin a proxy fight seeking to oust them if the two companies did not reach a negotiated deal in the next three weeks.
http://www.nytimes.com/2008/04/07/technology/07soft.html?ref=todayspaper
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