Yahoo says Microsoft bid review may take time

For those wondering how long Yahoo may take to respond to Microsoft's unsolicited $44.6 billion takeover bid, Yahoo says don't hold your breath.

In a brief FAQ posted to its Web site, Yahoo says it is "undertaking a deliberate review process" and warns it could "take quite a bit of time."

Yahoo said its process "will include evaluating all of the Company's strategic alternatives--including maintaining Yahoo as an independent company."

That could include pursuing bids from other companies, Yahoo said. "That process will take some time, but the Board will ultimately pursue the option that it believes can best maximize value for our shareholders," Yahoo said.

The FAQ marks the company's most substantive comment thus far on the bid. The company issued a brief statement on Friday morning, but said only that it was reviewing Microsoft's offer and the company declined all further comment.