Yahoo has responded to Microsoft's 3 week ultimatum and said they are ready to sell Yahoo! if more money is offered. Jerry Yang, the CEO and Roy Bostok, the chirman of Yahoo! sent a letter to Steve Balmer which states
Dear Steve..... we will not allow you or anyone else to acquire the company for anything less than its full value.......We consider your threat to commence an unsolicited offer and proxy contest to displace our independent Board members to be counterproductive and inconsistent with your stated objective of a friendly transaction..........We regret to say that your letter mischaracterizes the nature of our discussions with you.