Yahoo’s administrative board recently announced that they are not willed to accept Microsoft’s $44.6 billion takeover bid. After a last-minute meeting yesterday, Yahoo’s board is said to have rebuffed the offer from Microsoft believing that the Windows developer is acting out of opportunism.

Although the offer of $31 per share is significantly higher than Yahoo’s stock value at the time of the proposal, the search engine firm’s executives reportedly believe that this offer is undervalued and are waiting for a bid of $40 per share or more, which could raise the worth of the bid to $56 billion.

As a result of the decision, Yahoo may still be willing to consider a Google alliance or a similar deal to sour the prospects for Microsoft.

Finally I think the move signals Yahoo management may be preparing for a long battle for control of the company.