engine - 2:50 pm on Feb 11, 2008 (gmt 0)

Yahoo Inc. has formally rejected Microsoft Corp.'s $44.6 billion takeover bid as inadequate. The response had been expected after Yahoo's intentions were leaked over the weekend. Many analysts expect Microsoft to raise its offer by $5 billion to $12 billion to entice Yahoo to sell. Yahoo is believed to want a bid of at least $56 billion, or about $40 per share.

Yahoo Has Formally Rejected Microsoft Bid [nytimes.com]