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In a letter to Microsoft CEO Steve Ballmer, Yahoo Chairman Roy Bostock and CEO Jerry Yang (via Reuters) wrote: "Our board's view of your proposal has not changed. We continue to believe that your proposal is not in the best interests of Yahoo and our stockholders."

Yahoo also pointed out that the value of the bid had fallen since it was first proposed, due to a decrease in Microsoft’s own stock price.

Read the full story on MarketingVOX