Yahoo rejects deadline from Microsoft

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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.