Microsoft on Monday afternoon said Yahoo’s rejection of its $44.6 billion, or $31 per share, offer to buy the search company is “unfortunate” but that it still believes in the marriage.
“We are confident that moving forward promptly to consummate a transaction is in the best interests of all parties,” Microsoft said in a statement.
The software behemoth said that Yahoo’s rejection doesn’t change its belief that a Microsoft-Yahoo combination makes good strategic sense.
The move comes after the Yahoo board of directors on Monday morning formally rejected Microsoft’s offer, saying it’s not in the best interest of shareholders.
Goldman, Sachs, Lehman Brothers, and Moelis & Co. are providing financial advice to Yahoo on Microsoft.
By close of trading, Microsoft shared edged $0.35 lower, or 1.2 percent, to $28.21. Yahoo gained $0.67, or 2.3 percent, to $29.87.