Yahoo's board of directors on Monday rejected Microsoft's buyout offer, saying the 44.6-billion-dollar bid is too low and not what's best for shareholders of the veteran Internet company.
Hours later, Microsoft urged Yahoo to reconsider its blockbuster bid to combine the two tech titans and said it offers "superior value" to Yahoo shareholders.
Yahoo issued a statement early in the day saying its board had decided "after careful evaluation" that Microsoft's bid "substantially undervalues Yahoo."
As a result, the board "concluded that the proposal is not in the best interests of Yahoo and our stockholders," Yahoo said.
Microsoft called the Yahoo board action "unfortunate" and said the bid was "full and fair."