Yahoo has announced that it has rejected the three-week ultimatum to accept the takeover offer from Microsoft.
In a letter sent by Roy Bostock, chairman of the board, and Jerry Yang, the CEO, said that they “continue to believe that [their] proposal is not in the best interests of Yahoo and [it’s] stockholders”.
This continues to be a cat and mouse game, with Microsoft now will be taking the deal to the shareholders with a lesser bid than what was previously announced. It may also ask that the board be sacked.
A lesser bid could see a backlash against Microsoft or Yahoo.