With Steve Ballmer having issued sharp words on Yahoo across Europe this week, it was not a surprise to see Microsoft take a hard line on its Yahoo bid Thursday.
In its just-completed conference call with analysts, Microsoft Chief Financial Officer Chris Liddell said the company has seen no good reason to up its bid.
Liddell said Yahoo continues to lose search share and see profitability decline.
"We've yet to see tangible evidence that our bid substantially undervalues the company," Chris Liddell said. "In fact, we have seen the opposite."