Word is coming out now that Yahoo! has decided to reject the $31 per share bid Microsoft made in its effort to secure ownership of the company. Yahoo! feels that they can get much more. Specifically, they are looking to get $40 per share which would value the deal at about $56 Billion.

Microsoft will not go that high. This could be a big gamble on Yahoo’s part. Personally, given what has been going on with this company of late I would have taken the offer.

For more on the latest developments:

Yahoo to Gamble on Spurning Microsoft Offer