Yahoo Rejects Microsoft's $44.6B Bid

Last week the big buzz on the Internet was Microsoft trying to buy Yahoo for $44.6B but no formal response was received. However, Yahoo rejected the takeover bid and considered it inadequate. The fun thing is not the fact that it was rejected but the fact that they could sell if the offer was higher.
Another interesting point is that Microsoft was interested to buy Yahoo from 2007 when they made a $40 per share (only $29.87 today) offer that was rejected, too. So I wonder, will they accept forty-per-share now when we know the odds where not on their side last year profit-wise.
Microsoft could go directly to the shareholders if the board is not happy with a new bid, and they may get a better response.
From what I’ve seen/heard so far Yahoo customers wouldn’t be that happy to know they’re actually Microsoft customers and may decide to go. I am not sure if Microsoft is doing the right thing, but time will tell.