Sort of..... 

"Yahoo's board met over the weekend and concluded that the $44.6 billion 
offer from Microsoft "substantially undervalues" the company."
http://articles.moneycentral.msn.com/Investing/Dispatch/080211markets.aspx

So I guess they aren't saying no, they are saying "more money please".  
Sounds to me like corporate finance talk equivalent of "It's not you 
it's me".

-Cameron

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