The board at Yahoo! (NASDAQ: YHOO) will turn down a bid from Microsoft (NASDAQ: MSFT), which is valued at $31 a share. According to The Wall Street Journal (subscription required), Yahoo!'s board determined that the $31 per share offer "massively undervalues."
Rumors are that Yahoo! will seek an amount of at least $40 a share.
Douglas A. McIntyre is an editor at 247wallst.com.