I certainly hope this means major changes at the company, and a rallying cry for Yahoos everywhere. They need it. From the Journal:
After a series of meetings over the past week, Yahoo’s board determined that the $31 per share offer “massively undervalues” Yahoo, the person said. It also doesn’t account for the risks Yahoo would be taking by entering into an agreement that might be overturned by regulators. The board plans to send a letter to Microsoft on Monday, spelling out its position.