Yahoo not to be (micro)SOFT -- Yahoo rejects Microsoft bid !!!

The news that yahoo board is set to reject the bid has come as a surprise.
The board plans to send a letter to Microsoft on Monday, spelling out its position.Yahoo's board believes that Microsoft's is trying to take advantage of the recent weakness in the company's share price to "steal" the company. The decision to reject the offer signals that Yahoo's board is digging in its heels for what could be a long takeover battle. The company is unlikely to consider any offer below $40 per share, the person said.

It's unclear whether Microsoft would be willing to pay such a premium, which would increase the value of its original cash and stock bid by more than $12 billion. The rejection comes as Yahoo's board has been considering various other scenarios, including a search advertising partnership Google Inc. Yahoo's directors are still considering that and other options that would safeguard the company's independence, people close the company say.