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Yahoo has positioned itself for the endgame in its battle with Microsoft by issuing its strongest rejection to date of its rival’s $42bn takeover offer.
However, analysts said the rhetoric from both sides suggested a negotiated settlement might happen, with Microsoft offering a deal worth more than its initial $31 a share.
Yahoo’s swift response to Microsoft’s move to set a deadline on Saturday of three weeks to conclude an agreement came in the form of a “Dear Steve” letter to Steve Ballmer, Microsoft’s chief executive, from his Yahoo counterpart, Jerry Yang, and Roy Bostock, chairman of the board.
It said Microsoft was still substantially undervaluing Yahoo, whose board had received significant support from shareholders. It said they were impressed by projected revenues in a three-year financial and strategic plan unveiled last month.
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