Yahoo Board Plans to Turn Down Microsoft Bid

Board members at Yahoo are planning to reject Microsoft's bid to buy out the Internet pioneer.

The Yahoo board believed the unsolicited $44.6 billion offer massively undervalued the company, according to a person familiar with the matter.

The $31-per-share bid was made public on Feb. 1.

Board members so far would only say they were studying the offer.

Yahoo's board intends to send a letter to Microsoft on Monday explaining its decision, the source says.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

AP-NY-02-09-08 1342EST

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