According to a report in the Wall Street Journal, Yahoo will reject Microsoft's offer of $44.6 billion. They reportedly won't accept anything below $40 per-share, and believe that the current offer of $31 per-share “massively undervalues” the company. If Microsoft were to raise their bid to around $57 billion (a lot closer to Yahoo's expectations), then Yahoo will be willing to agree to the sale of the company, though an offer that high raises "certain risks".

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