Internet search engine Yahoo! has rebuffed a 44.6 billion US dollar (£22.9 billion) takeover approach from software giant Microsoft.
The online group said the offer - made in a surprise move less than two weeks ago - "substantially undervalues" the business.
The rejection comes after mounting speculation at the weekend that Yahoo! was set to snub Microsoft's bid.
It is believed Yahoo! is holding out for at least 56 billion US dollars (£28.8 billion).
A merger between the two would create one of the world's biggest technology firms and a rival to search engine Google.
But Yahoo! is understood to be planning a raft of defensive moves to fend off Microsoft's advances.
Source: http://ukpress.google.com/article/ALeqM5hRr42oJvWzlbocYbynGao8jHTHdQ
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