Yahoo! has rejected Microsoft's $44.6 billion takeover bid and I'm pleased with the rebuff.
Yahoo! is so eager to defend itself against an unsolicited bid approach from Microsoft that they've restarted merger talks with AOL. A tie-up with Google is not entirely out of the question as well.
As Luke once said when being wooed by an evil Sith Lord, "I'll never join you!"

They're really playing this right.