The Yelp-could-have-been-acquired-by-Google story just will not die.
Yelp refused to take Yahoo‘s money because the management team didn’t want to join Yahoo. Yelp’s board didn’t take Google‘s money because it would be violating its fiduciary responsibility to stakeholders.
So, Yelp basically did nothing. It eventually took money from Elevation Partners.
Maybe Yahoo is a crappy place to work, but really? Management rejects a $200 million premium? That strikes us as nuts.