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Yahoo CEO Jerry Yang said once again during yesterday 's conference call with analysts that "Microsoft's proposal substantially undervalues Yahoo." According to Microsoft CEO Steve Ballmer, however, that judgment isn't up to Yang anymore. Two and half weeks ago, Ballmer and Microsoft set a deadline for Yahoo to begin negotiations before this Saturday or face a proxy fight. Speaking yesterday in Milan, Ballmer sounded ready to take his chances with Yahoo shareholders. "We are offering a lot of money," he told the crowd. "If Yahoo's shareholders like it, that's great. We are prepared to go forward without a merger with Yahoo."