Du moins, le conseil d’administration de Yahoo! rejette l’offre en question. Selon lui, Microsoft sous-évalue considérablement la valeur de l’entreprise. Voici le communiqué en question, dans la langue de Shakespeare :

YAHOO! BOARD OF DIRECTORS SAYS MICROSOFT’S PROPOSAL SUBSTANTIALLY UNDERVALUES YAHOO!

Sunnyvale, Calif., February 11, 2008 — Yahoo! Inc. (Nasdaq: YHOO), a leading global Internet company, today said the Yahoo! Board of Directors has carefully reviewed Microsoft’s unsolicited proposal with Yahoo!’s management team and financial and legal advisors and has unanimously concluded that the proposal is not in the best interests of Yahoo! and our stockholders.

After careful evaluation, the Board believes that Microsoft’s proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments. The Board of Directors is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders.

Goldman, Sachs & Co., Lehman Brothers and Moelis & Company are acting as financial advisors to Yahoo!. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Yahoo!, and Munger Tolles & Olson LLP is acting as counsel to the outside directors of Yahoo!.

Il ne reste plus maintenant qu’à Microsoft d’exercer des pressions auprès des actionnaires afin d’exécuter un hostile takeover.

Il est intéressant de souligner que depuis qu’elle a déposé l’offre, Microsoft a perdu l’équivalent de celle-ci en valeur actions, ce qui semble être une manifestation de l’opinion plutôt négative du marché face à l’idée de fusionner ces deux compagnies.