Yahoo! has said “no” to Microsoft. For now, at least.

The Yahoo! board is expected to formally reject Microsoft’s offer, with the thinking that the company is worth more than what Microsoft offered—$44.6 billion, or about $31 per share. The board feels the company is worth closer to $40 per share, or around $57.5 billion. That’s a $12 billion difference. Chump change.

Apparently Yahoo! is concerned about the company’s independence. Some on the board feel that Google would be a better company to partner up with than Microsoft. There’s fears that Microsoft will bid and bid until it gets its way—with our without the current board.

Nothing like high finance on the weekend.

Yahoo Board to Reject Microsoft Bid [Wall Street Journal]