Microsoft ’evaluating’ its Yahoo offer
By The Associated Press Monday, April 07, 2008SEATTLE - A person familiar with Microsoft’s bid for Yahoo says the software company is evaluating its offer in light of the economic climate and the Internet pioneer’s deteriorating business.
The person, who asked not to be named because he was not authorized to speak publicly, said Yahoo’s share of the search market, stock price and overall condition have deteriorated since Microsoft announced its bid Feb. 1. At the time, Microsoft offered $44.6 billion. That’s 62 percent above Yahoo’s market value.
Yahoo’s board has formally rejected Microsoft’s bid, saying it undervalues the company.
On Friday, the person familiar with Microsoft’s thinking said the company has been patient — but will be so only to a point.
Shares of Yahoo fell nearly 4 percent in after-hours trading.
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