Microsoft said it will move forward to completeits purchase of Yahoo, despite the
internet company rejecting its bid yesterday.
"It is unfortunate that
Yahoo! has not embraced our full and fair proposal to combine
our companies," said Microsoft in a statement.
"Based on conversations with stakeholders of both companies, we
are confident that moving forward promptly to consummate a
transaction is in the best interests of all parties."
Microsoft announced
a bid to buy Yahoo for £16 a share representing a total equity
value of approximately £23bn and a 62% premium above the closing
price of Yahoo in January.
"Microsoft reserves the right to pursue all necessary steps to
ensure that Yahoo!'s shareholders are provided with the opportunity
to realise the value inherent in our proposal," the statement
said.