Yahoo officially rejects Microsoft, in talks with AOL
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.
On the other hand, The Times believes that Yahoo is pursuing talks with AOL regarding a merger, and is also still considering a deal with Google or Disney.