Yahoo! CEO Says: Nix Microsoft

Yahoo! CEO Jerry Yang is urging his company's shareholders to reject any overtures from Microsoft, just as reports emerge that the embattled portal is seeking an alliance with News Corp.'s Fox Interactive Media.

In a letter issued to stockholders on Feb. 13, Yang trumpeted what he sees as Yahoo!'s many strengths -- including its huge user base, powerful global brand and online advertising prowess -- which in his view amount to compelling reasons why the company should not accept Microsoft's unsolicited $44.6 billion bid to purchase the company outright. He again declared that the Microsoft offer "undervalued" Yahoo!.