Microsoft waiting for formal rejection from Yahoo

Having been informally rejected by Yahoo, the software maker is awaiting a formal rejection before going ahead with its next move, likely appointing its own slate of directors, a move that it has until March 14 to make.

While Microsoft could just raise its bid, one source says the company doesn't see a benefit in bidding against itself until Yahoo shows its willingness to come to the bargaining table. According to The New York Times' DealBook, Microsoft is ready to approve going forward with a proxy battle.

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