Rupert Murdoch, Chair of global media giant News Corporation, has said that he would not be making a rival bid for Yahoo, in response to Microsoft's $44.6 billion offer made last week.
Murdoch said We are definitely not going to make a bid for Yahoo. However he did not rule out a future bid, saying, We are just not interested at this stage, reports the BBC.
Microsoft made the offer to Yahoo saying that together they could be a strong competitor with Google, who dominate the online advertising market.
Steve Ballmer, CEO of Microsoft said, Google's clearly got a dominant position. They've got about 75% of paid search worldwide, reports the BBC.
Google has called for regulators to investigate the Microsoft bid saying that the move is troubling.
Google said in a blog that a successful Microsoft bid could make it harder for consumers to use competitors email and instant messaging services. Google also said that Microsoft had tried to establish proprietary monopolies in the past.
Microsoft has said it may have to borrow for the first time in its history in order to finance its bid for Yahoo, which is 62 per cent above Yahoo's closing share price on Thursday 31 January 2008.
Yahoo's board has said it is considering the offer by Microsoft.