Sunnyvale, Calif. - Two weeks after announcing plans to cut 1,000 jobs, Yahoo (NASD: YHOO) on Tuesday was expected to notify the affected employees, The Wall Street Journal reported. The cuts come at a time when Yahoo is attempting to stave off a hostile takeover by Microsoft (NASD: MSFT), which on Tuesday vowed to "move forward" with its acquisition efforts after Yahoo's board on Monday officially rejected its $44.6 billion offer.

"The Yahoo response does not change our belief in the strategic and financial merits of our proposal," Microsoft said in a statement.

"As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo's shareholders are provided with the opportunity to realize the value inherent in our proposal."

Related Links:
http://online.wsj.com/article/SB120279710463761787.html

http://snipurl.com/1zl9y (Microsoft statement)