Yahoo Inc.'s board will reject Microsoft Corp.'s $44.6 billion takeover bid after concluding the unsolicited offer undervalues the slumping Internet pioneer, according to a person familiar with the situation. The decision could provoke a showdown between two of the world's most prominent technology companies. If the world's largest software maker wants Yahoo badly enough, Microsoft could try to override Yahoo's board by taking its offer—originally valued at $31 per share—directly to the shareholders. Pursuing that risky route probably will require Microsoft to attempt to oust Yahoo's current 10-member board.
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