The Chicago Tribune is reporting this evening that Yahoo Inc.’s board will reject Microsoft Corp.’s $44.6 billion takeover bid. I’m actually glad to hear this. Yahoo’s board concluded “the unsolicited offer undervalues the slumping Internet pioneer, a person familiar with the situation said Saturday,” according to the article.

However, as with all things Microsoft, this one could get hostile:

The decision could provoke a showdown between two of the world’s most prominent technology companies with Internet search leader Google Inc. looming in the background. Leery of Microsoft expanding its turf on the Internet, Google already has offered to help Yahoo avert a takeover and urged antitrust regulators to take a hard look at the proposed deal.

If the world’s largest software maker wants Yahoo badly enough, Microsoft could try to override Yahoo’s board by taking its offer — originally valued at $31 per share — directly to the shareholders. Pursuing that risky route probably will require Microsoft to attempt to oust Yahoo’s current 10-member board.

I’m reminded of the Simpson’s episode when Homer started an Internet company (“Where’s the ‘Any Key’?”). Near the end of the episode, Bill Gates showed up and bought Homer’s company, Compu-Global-Hyper-Mega-Net.

Marge: Bill Gates is here.
Homer: Bill Gates? Billionaire computer nerd, Bill Gates? Oh, my god… oh, my god… Get out of sight, Marge. I don’t want this to look like a two-bit operation.
Marge: (grumbles)
Bill Gates: Mr. Simpson?
Homer: You don’t look so rich.
Bill Gates: Don’t let the haircut fool you. I’m exceedingly wealthy.
Homer: [quietly] Get a load of the bowl-job, Marge!
Bill Gates: Your Internet ad was brought to my attention, but I can’t figure out what, if anything, Compuglobalhypermeganet does, so rather than risk competing with you, I’ve decided simply to buy you out.
Homer: I reluctantly accept your proposal!
Bill Gates: Well everyone always does. Buy ’em out, boys!
Bill Gates’ lackeys trash the room
Homer: Hey, what the hell’s going on!
Bill Gates: Oh, I didn’t get rich by writing a lot of checks! [insane laughter]

Pure poetry.

I’m with Yahoo on this one.