You omit the most obvious reason for the Yahoo board declining the MS takeover offer. The Yahoo board feared they would lose their cushy high paying board of director "jobs" where they get paid around 40K fper meeting just for showing up and rubber stamping the CEOs decisions.

Give the Man a CEEGAR!!!

Note that in the long run, what this means is that Jerry and the board are all gonna lose their jobs. Microsoft will win this one in the end. Within 2 days, two large pension funds launched shareholder lawsuits. Because essentially Yang said that he could double Yahoo's stock value in under a year when he has demonstrated that in the last 2 years he could only get the stock to FALL!