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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