Yahoo's board of directors on Sunday reportedly hashed over Microsoft's three-week deadline to close its mega-merger bid, according to a report in the Financial Times

The report did not note whether the directors would authorize the Internet pioneer to engage in formal negotiations with Microsoft. (On Sunday evening, The Wall Street Journal reported that Yahoo on Monday would issue a rebuttal to the new deadline.)

Microsoft launched an unsolicited bid for Yahoo on Feb. 1, in a deal initially valued at $31 a share. But Yahoo rejected the offer as undervaluing the company.

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Microsoft, Yahoo!, Deal, Acquisition, Corporate News