Washington, Apr 8: US Internet company Yahoo has refused to meet the three week deadline set by software giant Microsoft to accept its takeover offer.
"We continue to believe that your proposal is not in the best interests of Yahoo and our stockholders," Roy Bostock, chairman of Yahoo's board and Jerry Yang, its chief executive officer, said in a letter to Steve Ballmer, Microsoft CEO. "Contrary to statements in your letter, stockholders representing a significant portion of our outstanding shares have indicated to us that your proposal substantially undervalues Yahoo," the letter went on to say. The letter came in response to an ultimatum issued by Microsoft on Saturday for Yahoo to accept its 44.6 billion dollar takeover offer in three weeks or face a hostile battle for the support of the internet giant's shareholders.
Ballmer had earlier accused the company of avoiding serious negotiations over its unsolicited February 1 bid and warned that any further delays could result in a less attractive offer for Yahoo.