Yahoo! snubs Microsoft bid
Updated 15.51 Mon Feb 11 2008
Internet search engine Yahoo! has turned down a £22.9 billion takeover approach from Microsoft.
The company said the offer by the software giant that was made in a surprise move less than two weeks ago "substantially undervalues" the business.
It is believed Yahoo! is holding out for at least £28.8 billion
There had been mounting speculation at the weekend that Yahoo! was set to snub Microsoft's bid.
It is believed Yahoo! is holding out for at least £28.8 billion.
A merger between the two would create one of the world's biggest technology firms and a rival to search engine Google.
© Independent Television News Limited 2008. All rights reserved.
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