Yahoo! has reacted trenchantly to Microsoft’s three-week deadline to respond to its 44.6 billon dollar offer or face the threat of a bypass the board and go directly to shareholders.
Responding to a letter from Microsoft, Yahoo! chairman of the board Roy Bostock and chief executive Jerry Yang said they continue to believe the Microsoft’s proposal undervalues the company and accused Microsoft of giving a misleading character of their ongoing discussion.

Yahoo today attacked Microsoft as it again rejected its takeover offer, paving the way for a hostile bid for the internet firm.
A joint letter published by the Yahoo chairman, Roy Bostock, and its chief executive, Jerry Yang, this morning accuses Microsoft of “mischaracterising the nature of our discussions” in the letter it published on Saturday.
“We have had constructive conversations together regarding a variety of topics, including integration and regulatory issues,” Bostock and Yang’s letter said.
“Your comment that we have refused to enter into negotiations to conclude an agreement are particularly curious given we have already rejected your initial proposal, nominally $31 per share at the time, for substantially undervaluing Yahoo and your suggestions in your letter and the media that you are considering lowering the value of your proposal.”

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