From the WSJ: ”Yahoo Inc.’s board plans to reject Microsoft Corp.’s unsolicited $44.6 billion offer to acquire the Web giant, a person familiar with the situation says.” This is a wonderfully audacious and spirited move by Yahoo! who are grossly undervalued at the moment, their stock when Microsoft made the offer was only $19 per share, the lowest in over two years, and doesn’t represent Yahoo!’s talent at picking great upcoming companies from Silicon Valley, (something Apple is also quite good at, but something I’ve never witnessed Microsofty do well).  In recent years, Yahoo! has fostered Del.icio.us, FlickR and upcoming.org, they’ve also developed gorgeous pages for the iPhone, widgets for the iPhone, Push IMAP email for the iPhone and UNLIMITED email storage space (to compete with Gmails 6Gb limit).Yahoo! brought in revenue equal to a almost a half of Google’s last quarter and has a P/E ratio almost half of Google’s, this alone should put it’s market price near $70billion (Msft offered $45billion) and when one see’s that Yahoo!’s properties (a large the largest base of email users, ties to AT&T, great ocean front properties (FlickR, Del.icio.us, Upcoming, iPhone hooks), it makes one think, “hey maybe Yahoo is actually a damn steal at $70billion”(which may be what Msft’s offer is come Monday morning…