Yahoo Inc. spurned Microsoft Corp.'s $44.6 billion takeover bid as inadequate Monday without explaining how its management will match the payoff that the slumping Internet icon's shareholders would have received had the unsolicited offer been accepted.

The rebuff had been widely anticipated after word of Yahoo's intention was leaked during the weekend.

In its formal response, Yahoo said its board had concluded Microsoft's unsolicited offer "substantially undervalues" the Sunnyvale-based company.

Yahoo's stock price had dropped by more than 40 percent in the three months leading to Microsoft's bid, which was valued at $31 per share when it was announced Feb. 1. The...

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