Yahoo: Profit rise justifies MS rejection

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Yahoo has released a three-year financial forecast and said that it expects revenue to grow by 19 per cent a year for the next two years. Analystsbelieve the move is a thinly-veiled attempt to persuade shareholders tosit tight and Microsoft to raise its initial $42 billion (£20billion) bid with the bold assertion that the initial bid "substantially undervalues" the company.

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