Yahoo! The official announcement that Microsoft will refuse to acquire, why?

Yahoo! Has finally announced that it will refuse the acquisition from Microsoft. The reason is "Too underestimate the value of Yahoo!". In other words, Yahoo! I can not buy it with such a huge money.

Details are as below.
BBC NEWS | Business | Yahoo rejects Microsoft approach

Yahoo rejects Microsoft bid | Technology | Reuters

Asahi.com: Yahoo, Microsoft's proposal refusal purchase "underestimate" - business

Yahoo! You can read the official announcement by

Yahoo! Board of Directors Says Microsoft's Proposal Substantially Undervalues ​​Yahoo!

Yahoo! According to the press release, as a result of deliberate examination of the offer from Microsoft carefully by management team, finance, legal counselor etc., as a result unanimously Yahoo! And decided not to prove that it would offer the greatest profit to its shareholders, he decided to refuse.

The reason is that Microsoft is Yahoo! To underestimate the brand. Because, Yahoo! The brand is famous all over the world and still has the possibility to further grow in the future in the advertising market and the possibility to give more profit. There is a sufficient possibility that it will greatly exceed the amount of this acquisition, and in order to maximize shareholder value, it is not by being bought but continuously Yahoo! We are striving to meet that expectation by increasing the value of it.