The following is an e-mail Yahoo CEO Jerry Yang sent to his staff Monday morning regarding the company's rejection of Microsoft's acquisition bid. It's been edited for readability only. (Uppercase letters, for example, were added.)
February 11, 2008 Subject: Our board's decision
As you'll see from the news release we issued today, our board of directors has reviewed Microsoft's unsolicited proposal with Yahoo's management, financial, and legal advisers. After a careful evaluation, the board has unanimously concluded that the proposal is not in the best interests of Yahoo and our stockholders.
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