SAN FRANCISCO: : Yahoo chief executive Jerry Yang is convinced his company is worth more than the $47.5 billion that Microsoft had offered for the Internet pioneer. Now, he may only have a few months to convince Wall Street that his rebuff of Microsoft’s bid was a smart move — and if he cannot, analysts will not be surprised if Yang is either replaced as CEO or forced to consider accepting a lower offer if Microsoft comes knocking again.

Disillusioned shareholders are bound to question whether the rejection of Microsoft’s offer was driven more by emotion and ego than sound business sense. Darren Chervitz, co-manager of Jacob Internet Fund, which owns Yahoo stock said, “I am not sure if Yahoo cares about its shareholders as they didn’t show much regard for their interests.”