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SUNNYVALE, Calif. – Yahoo Inc. has formally rejected Microsoft Corp.’s $44.6 billion takeover bid as inadequate. The response had been expected after Yahoo’s intentions were leaked over the weekend.
Yahoo’s rebuff raises the stakes in a battle involving two of the world’s most prominent technology companies.
Many analysts expect Microsoft to raise its offer by $5 billion to $12 billion to entice Yahoo to sell. Yahoo is believed to want a bid of at least $56 billion, or about $40 per share.
Microsoft’s first offer, which was made public Feb. 1, was originally valued at $31 per share. Microsoft also could take its bid directly to Yahoo shareholders.