Yahoo will reject Microsoft's takeover bid

Yahoo Inc.'s board will spurn Microsoft Corp's $44.6 billion merger proposal, a source familiar with the matter told the SFChronicle today.
The rejection, to be officially delivered in a letter to Microsoft on Monday, adds a dramatic twist to the takeover saga, which would combine two technology industry giants.
Yahoo's decision keeps the Sunnyvale company independent, at least for now. In the past, executives made no secret of their desire for the company to remain intact, but disappointing earnings and a depressed stock price have made their Web portal an enticing acquisition target. (more...)