Yahoo 'not opposed' to Microsoft bid at right price

Yahoo is not opposed to Microsoft's bid for the web media company, as long as it is at the right price, Yahoo's board said on Monday in a letter to Microsoft chief executive Steve Ballmer.

"We have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders," the letter said.

"Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders," the letter states.

Yahoo's letter came in response to a three-week deadline issued by Ballmer in another letter on Saturday, warning Yahoo to agree to Microsoft's cash-and-stock offer of $31 (£16) a share or risk seeing the bid lowered.

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