From Bloomberg:

Yahoo! Inc., responding to Microsoft Corp.’s weekend threat of a proxy fight that could result in a lower takeover price, said the current $44.6 billion offer must be raised before any merger can take place.



I guess they ain’t gonna let Mr. Softie shoplift the pootie.

Source:
Yahoo Insists Microsoft Raise Its $44.6 Billion Offer
Nancy Kercheval and Amy Thomson
Bloomberg.com