Apparently, the Flickr protest was successful*: Yahoo has turned down Microsoft's buyout bid.
The company said the offer, made public last week, "substantially undervalues" its "global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments."
Ball's back in Microsoft's court, who must either come up with a better offer or hit the pike.
A merger of Microsoft and Yahoo would be the world's largest of two computer technology companies and would create a formidable rival to Internet search and advertising leader Google.
Associate Press: Yahoo Formally Rejects Microsoft Offer
*Okay, the Flickr protest probably didn't matter.