"SAN FRANCISCO — Yahoo’s board of directors plans to reject Microsoft’s $44.6 billion hostile bid with a letter Monday saying the offer undervalues Yahoo, a person familiar with the matter said Saturday.
The decision to reject the bid was taken following a board meeting Friday in which directors explored ways in which to respond to Microsoft’s week-old bid. The board heard presentations from Yahoo’s management and its bankers, according to people familiar with the discussions. Several people argued that the company was worth more than what Microsoft offered, this person said."
