Yahoo says no, Google party breaks out 

Earier today, Yahoo turned down Microsoft’s $44.6 billion take over offer. Most likely, Yahoo is simply looking for a better offer and they will probably see one at some point in the near future.

Being a long time Yahoo fan (I have used Yahoo Mail since ’99) I am conflicted by what seems to be the inevitable.  Yahoo has struggled recently and hasn’t been able to build/acquire killer apps (Flickr was the last big one and that was 3 years ago) which both MicroSoft (small piece of Facebook) and Google (YouTube, DoubleClick) continue to do well.  That being said, there is still plenty to be said for Yahoo.

Here is a good Time article that explains the who wins and loses in this.