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  Yahoo rejects Microsoft approach
Time: 10:54 EST/15:54 GMT | News Source: BBC | Posted By: Byron Hinson

Yahoo has rejected a takeover bid worth more than $40bn (£20.5bn) from software giant Microsoft because it is too low. Yahoo said the offer "substantially undervalues" the company and is not in shareholders' interests. Microsoft's offer was worth $31 a share, 62% above the level at which Yahoo stocks were trading when the offer was made on 1 February. A merged Microsoft and Yahoo would be one of the biggest technology firms, and would rival industry leader Google.
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