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Yahoo Could Reconsider Microsoft Offer

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Apr 4, 2008 5:10 pm US/Eastern

Yahoo Could Reconsider Microsoft Offer

CBS News Interactive: Eye On The Economy

SUNNYVALE, Calif. (AP) ―

Click to enlarge 1 of 1: A person familiar with Microsoft's bid for Yahoo said Friday that the software company is "evaluating" its offer in light of the economic climate and the Internet pioneer's deteriorating business.
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A person familiar with Microsoft's bid for Yahoo said Friday that the software company is "evaluating" its offer in light of the economic climate and the Internet pioneer's deteriorating business.

The person, who asked not to be named because he was not authorized to speak publicly, said Yahoo's share of the search market, stock price and overall condition have deteriorated since Microsoft announced its bid Feb. 1. At the time, Microsoft offered $44.6 billion. That's 62 percent above Yahoo's market value.

Yahoo's board has formally rejected Microsoft's bid, saying it undervalues the company.

On Friday, the person familiar with Microsoft's thinking said the company has been patient but will be so only to a point.

Shares of Yahoo fell nearly 4 percent in after-hours trading.