Yahoo plans to reject Microsoft’s $44.6 billion takeover bid, the Wall Street Journal reported Saturday, citing a person familiar with the situation. The source, according to the paper, said Yahoo’s board believes Microsoft’s offer of $31 per share “massively undervalues” the company and does not account for the risk that a deal could be blocked by regulators.

In other Yahoo news from Mashable……

“Seems like ever since Microsoft put a bid out on Yahoo for $44.6 billion, Yahoo has taken the opportunity to roll out new features, make big announcements, and generally speaking, prove its prowess. After cutting a deal with Rhapsody, swirling around rumors of possibly offering free mp3s and announcing Yahoo Live, the company is still looking to improve its media offerings by releasing some upgrades on its Media Player.”