It's becoming very apparent now that Yahoo has issued a press release refusing Microsoft's rather high bid for the company that there's more to the idea of a Yahoo acquisition than just a shift in management. The shareholders for Yahoo are simply livid over the fact that Yahoo is planning on going forward without Microsoft. Shareholders are already pretty angry over the fact that Yahoo has lost 40% stock value since last year. Microsoft, at this point, can do two things. They can up the bid, and risk making their own shareholders unsure. Or, they can leave Yahoo to suffer, and "spear-head an attack to oust Yahoo's board". Yahoo, however, is not without it's own options. Yahoo is expected to release a statement regarding exactly why they rejected Microsoft's offer. While some would claim the refusal was due to a personal spat between a few board members, Yahoo's investment banker confirms that Microsoft really didn't offer enough money. If Yahoo had accepted a $31-per-share buyout, Yahoo could very well have infuriated shareholders even more, and been accused of malfeasance.