Within the next couple of hours, Yahoo should be delivering a letter to Microsoft declining the software giant's $44,6-billion offer for the ailing search company – arguing that the bid undervalues Yahoo's value. 

Before stock markets open in New York this morning, the decision taken at a Yahoo directors meeting on Friday will be conveyed to Microsoft.
Yahoo directors have apparently decided to hold out for a $40.00 per share offer, according to a report in the Wall Street Journal.
Microsoft can either raise its offer, drop the matter or go for a hostile takeover which could include ousting Yahoo's board.
Microsoft has offered Yahoo shareholders $31.00 per share.