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Yahoo has rejected Microsoft’s $44.6 billion takeover bid, says a Wall Street Journal source allegedly close to the deal. After a last-minute meeting yesterday, Yahoo’s board is said to have rebuffed the offer from Microsoft believing that the Windows developer is acting out of opportunism.

The buyout offer was an attempt to prey on Yahoo at a weak point in its history, the rumored insider says. Although the offer of $31 per share is significantly higher than Yahoo’s stock value at the time of the proposal, the search engine firm’s executives reportedly believe that this offer is undervalued and are waiting for a bid of $40 per share or more, which could raise the worth of the bid to $56 billion.