That’s how I’m reading the WSJ story today citing an anonymous person close to Yahoo, saying the board wants at least $40 per share.
The headline says it all — Yahoo is rejecting Microsoft’s bid. In other words, Yahoo didn’t reject the deal, it’s negotiating for more.
Using the same sort of negotiating tactics you’d use if you were selling a sofa at a garage sale, this anonymous negotiator says in the Journal that Microsoft’s getting a “steal” and the offer “massively undervalues” Yahoo.
From the story:
“The company is unlikely to consider any offer below $40 per share, the person said.”