“After a careful evaluation, the board has unanimously concluded that the proposal is not in the best interests of Yahoo and our stockholders.” - Jerry Yang. Really!?! I get a kick out of Yang and the Yahoo board. I know they are just trying to negotiate a higher price but consider that maybe Microsoft tells them to forget it. What will the board conclude then is the best interests for stockholders? They said the offer “substantially undervalues” the company. Really!?! So they suggest that the market (excluding MSFT) two weeks ago was 50% off the real valuation of the company according to them at around $40 per share. Really! That’s right near the high it hit two years ago and the highest level since 2001 when it was on its way to single digits. If $40 per share is the right number, then you might think that the board and key insiders must have been buying heavily while the shares were substantially undervalued before they became aware of the Microsoft bid. Click here - they weren’t behaving like they thought it was a bargain. As for the company’s share repurchase program, I look forward to the next financial statement filing to see whether the people looking out for shareholder interests were using all their resources to buy shares they thought were 50% undervalued. I don’t care which way this thing goes but I seriously doubt that the board and company management has been running this company in the best interests of stockholders for years while they got their asses handed to them by GOOG and the stock became “substantially’ undervalued. So hearing that they now know what is in the best interests of stockholders just doesn’t inspire too much confidence.