There is Negotiate the Negotiations

The rejection of the Microsoft deal by Yahoo is puzzling. While there are a lot of businessmen that could say that this is pure strategy as a matter of principle you should always reject the first deal to increase you bargain position. If that is the case then why did they wait 5 days to release that information. Of course by this rejection it could help to increase the Yahoo share price. The Microsoft bid is generous and there is clearly not enough room in the advertising market for three players. What will happen next?