Yahoo formally rejects Microsoft offer

Yahoo has formally rejected Microsoft Corp.'s $44.6 billion takeover bid as inadequate. The response had been expected after Yahoo's intentions were leaked over the weekend.

Many analysts expect Microsoft to raise its offer by $5 billion to $12 billion to entice Yahoo to sell. Yahoo is believed to want a bid of at least $56 billion, or about $40 per share. The decision could provoke a showdown between two of the world's most prominent technology companies with Internet search leader Google Inc. looming in the background...

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